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Search Results 0 to 68 of about 150 (some duplicates have been removed)
FOX Business
Dec 19, 2012 9:00pm EST
in metropolitan areas? >> if you're not paying a next year, thank the new york delegation. they are the ones leaving it. gerri: big news, g by 40% stake in the compa. >> castillo is about $50 billion. the prices of stock have to get up to $69 it's down around 24 right now. i'm not going to hold my breath on that one. but i think that gm understood that it had to do something. because its own internal polling and focus groups suggest there was a stigma -- as public attached a stigma that they had taken this public money, which is very inresting to me. it may have helped rocco, when michigan and ohio, but it didn't help gm. >> gm is giving the stock at a bargain. the ipo is $10 more per share. the one that's just terrible. >> i think that the government should get out of this quickly as possible. obviously you want to do it in an orderly fashion. the were never going to happen again. who president of the government actually taking over, taking a controlling share, calling shots, who is going to be the ceo and stuff like that. the sooner we get past that, the better. gerri: it has to b
MSNBC
Dec 20, 2012 2:00am PST
the hang seng gained 3. >>> it could be the end often era for the new york stock exchange. news of a deal that would end more than two centuries of independence for the nyse could come as early as today as its parent company hammers out a potential deal to sell itself to rival intercontinental exchange for about $8 billion. >>> gm shares shot up 6% yesterday on news that the u.s. government will sell its remaining stake in the automaker by 2016. >>> demand has skyrocketed for one unique product, bulletproof backpacks. they're lined with a light material that can allegedly stop handgun rounds. >>> google, the search giant just inked a deal to sell motorola home for $2.3 billion. you can bet it's going to be a long day for delivery workers at u.p.s. and the u.s. post office today, the busiest day the year for deliveries. u.p.s. expects to hand over 28 million packages for today alone. >>> good news for folks still shopping, that would be me, retailers cut prices up to 70%. macy's will be open for 48 hours straight beginning 7:00 a.m. tomorrow through 7:00 a.m. sunday. >>> there could
Comedy Central
Dec 20, 2012 10:30am PST
workers are staying home with their kids and according to the "new york times" some retailers are taking advantage of this trend. >> barbie has a new accessory and it's a tool belt. the "new york times" reports mattel is introducing a construction set for barbie. >> stephen: folks a construction set is no place for barbie, those erector set workers are going to cat call her and ask her to back it up like a tonka truck. (laughter) which brings me to threat number one: foreman barbie. i'm sorry but i'm against this new megablocks construction set barbie. she can't operate heavy machinery. barbie's ankles aren't even load bearing. (laughter) besides, ken has more carpentry experience. remember, he lost his genitals in a table saw accident. and folks that's -- okay, i'll tell you why there's a mansession, barbie here is hogging all the jobs she's a doctor, an astronaut, a race car driver, a police officer, a flight attendant, a computer engineer, a firefighter, a dentist, a pail i don't know tolgsz and a fox news anchor. (cheers and applause) so barbie, leave these jobs for the fellas
CNBC
Dec 20, 2012 3:00pm EST
the "closing bell." i'm maria bartiromo at the new york stock exchange. the house of representatives voting right now. they have a number of measures to vote on before speaker boehner's plan "b," but we'll continue to monitor capitol hill for any developments. meanwhi meanwhile, i'm here with scott wapner. the market modestly higher despite uncertainty over a fiscal cliff deal. new information coming up in moments. >> good to see you again. scott wapner in today for bill griffiths. less than one hour to go in this trading day. the dow is positive now, just off the highs of the day. good for 39 points. nasdaq's higher, s&p is higher as well at this point. all eyes certainly on the nation's capital though today, maria, and here at the stock exchange. >> absolutely. first, here is what we know. global exchange officials right now are discussing how to respond to an $8.25 billion deal announced today between the new york storage and intercontinental exchange. there's been informal discussions with the stock exchange about a deal as recently as last week but the nyse, afraid to have anoth
FOX Business
Dec 20, 2012 6:00pm EST
melissa: at inky fit in perfectly. >> killing those dogs. >> if he wins nobody cares. and we live in the country of rehabilitation, second chances. it's enough already. >> let's be real. melissa: the end of the world is coming. the end of the world. a scale of, you know, 1-money, the you think this will be the end of the world? >> no. that's all the "money" we have for you today. we will see you back here tomorrow. "the willis report" is coming up next. ♪ gerri: hello, everybody. i'm gerri willis. we begin with breaking news, democrats attempting to kill a measure sponsored by republicans that would shield the defense department from huge spending cuts. meanwhile in just 90 minutes, the house will start voting on at least one bill from republicans. that is the big one. their plan the it joining me now, peter barnes in a fox business senior washington correspondent with the very latest details. how close will this be? >> the vote on that tax bill, the one that would raise taxes on people making more than million dollars a year, they are still working on getting the republican leader, the speaker still working on getting enough votes to get that to pass later tonight. we expect that around 8:00. as one price for votes, right now than house republicans have also got a bill on the floor which would impose new spending cuts. what it would be technically is it would replace the sequester, get rid of those big cuts in defense spending. replace that with about $300 billion in new spending cuts over ten years. some republicans want to be able to say they voted for spending cuts before they even consider voting for a tax increase. they're debating the right now on the floor, the spending cut bill. take a listen. >> we don't just have a fiscal clef. we have of fiscal abyss in front of us, and that is at debt crisis that is on our horizon. failure to address this debt crisis means not just 47 percent of americans, but every american gets hurt. >> we are engaged in the house on this fllor today in what has become a ridiculous political stance which will actually take us much closer as a country to going over the fiscal cliff. >> the ranking member at the top democrat on the budget committee speaking right now as well managing this for the democrats. what will happen is, there will be a vote on the spending cut bill and then that is likely to pass. then there will be something called a motion to recommit, which is a procedural effort to kill the bill that they just passed, and that is expected from the democrats, there will raise a point of order and that is expected to fail. it's in the weeds, but it's important stuff, technically procedurally important. gerri: what kind of cuts republicans are suggesting? >> a hundred billion starting and january 1st 2013. half of that coming from the fans. the republican substitute would actually take that away and post some cuts on defense spending but then also require unspecified cuts over the next ten years that congress would have to go back and approved next year, so the instructions to cut more spending next year. gerri: have never seen so much posing in my entire life. thank you, and i hope that if you have anything during the hour you will let us know. i appreciate your time. >> okay. we will. gerri: don't forget to catch coverage of the house vote tonight. hosted by our very on neil cavuto starting at 8:00 p.m. eastern time. all right. the house may be working its way to a resolution, but washington is at an impasse over how to avert 90 percent of americans taxes from going up december 301st. with more on this, chief economist for vhs to micros could tiaras, former commerce secretary, and john fund, a columnist for the national review. welcome. great to have you here on this important evening. we were talking in the break just a moment ago in you were saying it's congress is the grand stealing christmas. >> we should have handled this month picks to five months ago. the senate has just left town for christmas. they have not passed a budget in three years. here we have majority leader reid say we're not doing anything. the only bill that will pass the said bill. now, the house has now not covered itself in glory either, but at least their is a proposal on the table. beyond irresponsible. believe me. if middle-class taxes go up for everyone on january 1st level really bad first christmas. gerri: high-tech to allow the democrats in washington and he was telling me, look, if he is not high enough for these two sides to get together, let's take for the republicans, democrats, some kind of common ground, resolution to agree to something. >> it will probably take december the 301st midnight. and anybody who wants to show that there really trying hard, one of the reasons we probably don't have a deal today is because it's too early. the problem is that when we get a deal it will probably be incomplete. where these cuts coming from. it's easy to raise taxes. but this isn't the first time that cats have been promised and not delivered. it's not something that washington does well. that's the big concern. gerri: you're right about that. what's at stake here for the american people. >> a lot depends on how long we go off the cliff. if we are off the cliff for a week it's not going to really hurt things that much. if we are off for a month to, then i think that's a recession scenario for the u.s. economy because those cuts and tax increases could have a big effect. we figure about 3% of gdp is enough to push the economy into recession. a lot depends on how long we're off. gerri: you know what i wonder about, it is not just what is happening to taxes, and it is not just what is happening said amt and all of the other capital gains except representative. it is the fact that washington is broken. i think that makes a lot of decisions for business people out there. starting to make decisions like maybe a leave the country. maybe all scale back my business. maybe i've won't hire anybody. where is the net impact on american business? >> the story of the last three or four years among the weakest recovery we have ever seen is uncertainty, people not knowing what the future's going to hold, and this this book with is the ultimate uncertainty. i think we made tip into recession even if the fiscal cliff is a very short duration. what we have to do is recognize, we are all americans. we have to be competitive. it's time to have a big tax reform. let's set the stage for not only valet to reagan boom, but the clinton boom years. excuses won't work. i think congress will finally get to the point where they have exhausted possibilities, and that is where we always know, we end up with one thing to do. the optimistic scenario. unfortunately, they will try everything else that is wrong. gerri: do you agree that it's all about tax reform and that is what this economy needs? >> there is no questton that we need tax reform. we have the most arcane taxes probably in the world. tax cut that is 160,000 pages long. that is ridiculous. i agree that tax reform is sorely needed, but we also need intel met reform. no question. that is the ticking time bomb that nobody wants to really talk about. and so it is a little bit of both. you need both of those, and you need long term. we never felt that they had enough time between the election and the end of the year to really do all that. so our best guess even now is that they will do something stop-gap and then come back and deal with it probably in the next congress. gerri: i was going to ask you. i'm making this point. if congress was working for me, if they were my employees of the fire everyone of them. >> i cannot imagine this ceo of this country that goes one year without a budget. we have been without a budget for three years, and it's all about the day today. no one is talking about where we going. entitlements are 60 percent of the budget, and a lot of these entitlements, medicare is not that old. it has only been around since 1965. where is it going to be? -here are we taking the country? why this obsession on increasing taxes. 1 percent, the infamous 1%, 26 percent of the taxes, 20 percent, the top 20% pay 70 percent of texas. we don't have a taxing problem. why should we continue to tax the american so that government can continue to be, you know, inefficient and wasteful. gerri: the only taxing problem we have is have americans don't pay taxes. >> a very big program. gerri: we are going to pause here for a moment right now. stick around. they're all coming back after the break, and we will talk more about this breaking news story. let me know. write me in e-mail. >> coming up on "the willis report," more exports of natural gas boost the economy? find out whether top energy republican is saying don't leap of the fiscal cliff just yet next. and thank heavens are pancakes are safe. the sticky bandits and the maple syrup height finally met their dim. the unbelievable details. rerun the case next on "the willis report." ♪ [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. ♪ gerri: all right. eleven days is separating as for more than 500 million in tax hikes, and the people here to my left, you are probably seeing when the turnaround, the voting right now on whether to kill the gop spending production bill. that's what's going on. we will be following those numbers for the our. also falling, what will it take for washington to reach some kind of deal? back with me now, i a just and a former commerce secretary, carlos could hear is, and john fine from the national review. i want to talk a little bit about the plan. they make permanent current tax rates for people making less than a million a year, capital gains dividend rates, they get to push levels. right now they don't go up. the permanent patch, a very big deal for many americans, and the estate tax of 35% instead of ratcheting higher. is this an adequate plan? >> at least it's a plan that is put on the table and people are willing to take a risk of putting it to a vote. the president has already moved from taxing everyone over 200 to 2,000 year-400000 year. the senate bill, to 50. raising dividend taxes. state tax 35-45 percent, those are job killers. so this is not a perfect plan, but at least someone has the guts to vote on it. the senate went home. gerri: could you live with the gop plan? >> i think the speaker has come forward with a good, safe plan. the president talks about millionaires. what is the definition? a guess as someone who makes a million dollars a year. a family of four, i don't think they feel wealthy. so this notion of $200,000 a sort of a cut of, it's worrisome. it just is very ideological. and this is all feeling very ideological, and it is not working. poverty is up, our labour participation rate is down. we cannot grow with a shrinking labor force. we are in trouble now. forget about what is going to happen with the fiscal clef. gerri: do you agree? >> i think this is a reasonable plan. i have no problem with the reasonableness of the plan. there is a fundamental problem. it is not the votes that needs to go through. you have to come back and renegotiate. again, reasonable plan, no chance of getting through. so where are we? we have to keep coming back to this thing. the other issue i have with it is it really does not address the entitlement problem. we have to do a lot more on the entitlement side, especially medicare. it's a long way from a true solution year. gerri: john. >> the president originally talked about putting medicare eligibility on the table. he has now said that is off the table. it is not a helpful negotiating tactic. the president, what worries me is the me want to go off the fiscal cliff command of tell you why. in the 2008 campaign he was presented with evidence that the capital gains tax cuts brings in more revenue. more actual revenue. that's not good enough. it's not fair, equitable. i think the president is willing to take as yet on the economy because he wants the tax system that is more equitable, more redistributionist, and that think he wants all the revenue from the middle-class taxes going up so he can then play those christmas santa claus and redistribute part of it back to the country. gerri: okay. hang on with that thought. we are watching voting in the house of representatives tonight on a democratic measure to kill the gop spending reduction act. this going on right now as we come closer every single day to the disco clef. the president wants to draw this over the cliff. do you believe that? >> well, i don't think he is demonstrating that this is as big of a concern as it should be he is taking it very lightly. it is impacting our economy. investors are looking at this. the number of companies, foreign companies listing in new york is down. people don't want to list new york with all this uncertainty and regulations. ipos are down, small business start-ups are down. so the president needs to level with the american people a tremendously insurmountable entitlement problem unless we do something structural. that is what he should be doing, and that is what it's all about. right now it's all about taxes. gerri: no one is doing that right now. a last word here. everybody wants to have something bigger done. it doesn't seem possible right now. do you think ultimately congress and the white house will find some common ground? >> i think they will. they always do. again, one of our other guests has talked to me about that churchill "which is america has this inevitable way of doing the right thing. how this we will do something right. gerri: very good point. thank you so much. thank you for coming on tonight. appreciate your time. have a great holiday. still to come, reaction to the takeover of the nyse, and a huge highest involving one of the world's most valuable commodities, how this sticky bandits almost got away with it. ♪ gerri: the case of the missing maple syrup is solved. thieves foiled in their efforts. pancake fans rejoice in 60 seconds. gerri: the current processes system cornering a market is considered a high-stakes drive. in canada it's a pancake crime. the story you're about to years through. this week police in quebec arrested three men in connection with a brazen highest at the province's most prized product, high-grade maple syrup. that's right. the simple bottle of maple syrup that by the grocery store is not just a sugar high but part of a highly lucrative yet little notice commodities market that canadians dominated by opec domination of the world oil markets. monopolizing the maple syrup market producing as much as 70 percent of the high-value commodity. since 1999, the province use the marketing system that set strict quotas for producers and requires them to sell to a federation in the spring of 2011 a critical change said that peace plan in motion. a good harvest meant maple syrup production shares spiked. so much protection the federation was forced to add a warehouse, its third, to accommodate overflow. into the seven criminals. hoping to score the perfect heist, their goal, to steal as much as their sticky hands can handle from the strategic maple reserved. that is what it's really called. first, the ridge to the portion of the new warehouse which allowed them to drive large trucks into the building. then they began emptying the barrels of maple syrup, refilling them with water. they refilled that serve on the open market setting themselves up as legitimate maple syrup dealers and because kershaw restores don't use a bar code on serb boss, they were able to sell for full price. crazy. over time they helped themselves to 6 million pounds of serb. when police stumbled love you empty barrels a crime was amassed. today they are behind bars, brought to justice by police to follow their maple the trail. i have one word for these perpetrators. saps. coming up next, the 200 year-old new york stock exchange is taken over. what that means for you and your money. reaction from your home. copd makes it hard to breathe, but with advair, i'm breathinbetter. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day. advair won't replace fast-acting inhalers for sudden symptoms and should not be used more than twice a day. people with copd taking advair may have a higher chanc. advair may increase your risk of osteoporosis and some eye problems. tell your doctor if you have a heart conditio or high blood pressure before taking advair. if you're still having difficulty breathing, ask your doctor if including adir could help improve your lung function. get your first full prescription free and save on refills at advaircopd.com. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas livery. ♪ >> from our fox business studios in new york, here again is gerri willis. gerri: well, tonight and big weather story, taking heavy hit from the major storm moving east. fox news chief meteorologist joins us with the latest. >> first snow they have vetted chicago and 290 days that broke the record for the longest stretch without snow. the latest in the season ever not seen snow and it's all about to change. a big storm system. so dry. major drought. some areas saw over a foot of snow which ultimately will be a good thing. raining so far. take a look at this. these last couple frames. about to move and. we'll see 1-3 inches of snow. areas to the north the scene of 18 inches apart krauss of wisconsin. very wendy, and because of that there have been all kinds a blizzard warnings across parts of the planes. even though the snow has stopped, the wind is still over 50 miles-per-hour. blowing around whenever snow is still left on the ground. i'll have to watch that. as severe side to this storm. a tornado watch about to expire. when tornado warning still right now across areas just to the south. right around that georgia florida border. we're going to continue to see that threat of severe weather. more rain. the snow in toward northern california. the area they got socked. the next three to four days we may see another chances of rain across parts of northern california. gerri: could not have done better than this for a holiday week. >> well, i know. the bright side. ski resorts. gerri: thank you for that. appreciate your time. meanwhile, has charlie gasparino with the very first. the atlanta based intercontinental exchange which is an electronic stock exchange will buy the 200 year-old new york stock exchange in a multibillion-dollar deal. that is if it gets approved by federal regulators would that mean for individual investors? here with more. bagram back to the show -- tainf individual investors are buying individual stocks or mutual funds. >> i don't think for individuals, jerry, the intercontinental exchange in the futures world has done a very good job of being retail customer friendly. so i don't look for much change in that regard with regard to the new york stock exchange. gerri: to you believe that regulators will approve this deal? >> section 15. it's really just the antitrust issue that relates to the sherman act and the clayton act. and so i don't see a problem with that. the department of justice may want to have all little looks he added. antitrust division looks at these things, but i would not anticipate any problems, and i wish the intercontinental exchange, all the success. gerri: we were talking about this last night with charlie gasparino as you reported, and one of the interesting things he was making is that here you have a 200 year-old anti very well regarded in this country seen as a symbol, such a symbolic presence at the heart of capitalism now being taken over by an entity that is entirely electronic. what kind of impact might that have? >> two things. one, the old new york board of trade, the intercontinental exchange took that over years ago, and they kept a floor open really and sell about two months ago. so they kept it all open a lot longer than people thought there would. but i have spoken with the executives at the intercontinental exchange. they understand the iconic importance of the new york stock exchange floor, the floor experience, and so of course we are all moving forward and technology. most of the jury will be done through technology, and that adds transparency which we talked about before. i think they understand very well the importance of having the floor there. i certainly cannot speak for them for how long it will be open, but i don't think it's going to close any time since. gerri: do you think there will eventually shut it down? at the end of the day its really an extra layer of cost. i'm just talking dollars and sense. >> i think their is a lot of value that may not be seen in the balance sheets. you know, that television is there a lot of the time. it's an experience different from the nasdaq experience which, as you know, is entirely electronic. at the devaluate. ultimately valued have to keep it open. we'll have to see, but i know that they valued the iconic importance of the new york stock exchange floor. gerri: it looks like nike shares have gone up. a public company, and not just a conglomeration of men and women coming together to trade stocks. they have to put their best foot forward and make some profit. you said something interesting. without dodd-frank, the major legislation reforming the banking industry this deal would never have happened. >> of for all of the sort of catcalls and crying as a river about dodd-frank, and there have been some real reasons to do that, but ultimately i think it is going to make your financial sector, the exchanges as well as a lot of the biggest banks and smaller banks more competitive internationally, and that scene in already. it may be sort of an odd thing for people to think about, but we are going to have the most efficient, effective markets in the world, and i see people coming to me all the time which new ideas and how they're doing things differently. i think this purchase by the intercontinental exchange of the new york stock exchange's one sort of outcome. it's going to be get ultimately. not just for markets, not for traders, but for consumers. gerri: that's what we care about. thank you for coming on tonight. appreciate your time. have a great holiday if i don't see you. >> youtube. take care of. gerri: thank you. the end of the world, at least that's what some are saying. that is what the-predicted. it's i will give you my "2 cents more" on this theory. in case you are a survivalist, we thought we would help you out with the top five foods that will survive armageddon. number five, twinkies. since hostess has posted stores it may be hard to find , and it's actually not a bad thing since it is all roomer. they do last almost a month. member for, processed cheese. since there is not much season those symbols, it will likely last awhile. number three, spam. if you're hoping to live long after the apocalypse maybe should avoid the pink brick. number two, and jell-o. you can watch it jiggle and see it wiggle after the world goes up in smoke. the number one food, listen to this, nondairy creamer. since no is obviously not an option you can get a morning lot take, but it may not taste as good. one word of warning, nondairy creamer is highly flammable. don't let a match near it. we want to know what you think. to you think the world will end tomorrow? yes, no? log on to gerriwillis.com and vote on the right hand side of the screen allows said the results of the end of tonight's show . the scary warning from the irs. there is debate. al asked a senator. you'll want to see that next. ♪ you know how painful heartburn can be. or fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that help block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®. ♪ [ male announcer ] they are a glowing example of what it means to be the best. and at this special time of year, they shine even brighter. come to the winter event and get the mercedes-benz you've always wished for, now for an exceptional price. 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[ male announcer ] lease a 2013 glk350 for $399 a month at your local mercedes-benz dealer. how you doing? my name is teve. my family's lived in this neighborhood for years. recently, t things got so tight we had to go to our local food bank for help. i lost a lot of sleep worrying about what the neighbors might think. that is, until i saw them there, too. how'd i do, steve? a little stiff. you could have done a little better. what? come on. you know, i have an academy award. yeah, but not for playing me. announcer: play a role in ending hunger. visit feedingamerica.org/hunger and find your local food bank. ♪ gerri: our country is sitting on a gold mine of natural gas, and the federal government is now considering tapping these reserves and making big profits by sending them overseas. with more on what these exports could mean for our economy, senator lee some rakowski of alaska, ranking republican on the senate energy and natural resources committee. welcome to the show. great to have you here. this new study from the energy department says that this could mean, if we export that gas up to 47 billion in 2020 and exports. tell me more about what this could mean for our economy and for your state, frankly. >> well, think about it from a balance of trade perspective. when the be nice to be on the positive side of the equation. also, from that job perspective, what we're seeing, natural-gas exploration around the country. we are realizing that we have states that would never have considered themselves to be in energy producing state. yet they are producing now, creating jobs. it is a net benefit to the economy, and that is what this energy report clearly has established. and economic benefits. gerri: it's interesting. there are our eo detractors including congressman edward markey on the house natural resources committee. he says exporting natural gas will increase prices for regular americans, may be as much as at 30%. do you agree? >> well, there has been of fair amount of discussion about whether or not exports could actually push up that price to the individual consumer. but i think in fairness what we need to understand is we're talking about an increase in times, not dollars which is important to put into context. think about coal. we have been exporting coal from thii country for decades. that has not increased the price of coal to consumers. so while there is fairness to the concern that we may see a slight increase, i think you need to put it into perspective. if there is incentive for producers to produce more here, not only do we see the economic benefits from the job, but as there is more produced here, that's going to work to reduce the overall cost to the consumer gerri: of tell you what my concern with this is, and look. at the end of the day every president since eisenhower, i think, as talked about the idea of the u.s. being energy independent. you don't depend on anybody. does selling our energy, doesn't that put us in a worse position? these and the energy independence rather than holding onto it and letting americans use this energy right here now? >> it would be part of the arguments if we had severe limitations on how much natural gas we have here in this country. we are now calling it the saudia arabia of natural gas in terms of what we are finding here in this country. this is just in the lower 48, we're not even talking about the reserves that we have up in alaska which are enormous in terms of the conventional natural gas as well as our unconventional, like our methane hydrates. the potential for us here in this country is huge, but we need to be allowed to access it. gerri: when can we expect a decision and are you sure it's going to be economical for the u.s. to export natural gas? >> your second question really is one that we need to be looking at. there is a lot of human cry right now that all of these folks that are looking to export our natural gas, in fairness, 15 applications before the department of energy. but the fact is, getting to doe with an application is one thing. it's clearly another hurdle to get through the federal energy regulatory commission where you have to have your contracts lined up for sale. you have to -- but the cost, the cost to actually export really is the factor that people are not looking critically at. it is billions, billions of dollars to put a whole package together for exports. so i think people need to look at this a little more critically and not just draw quick conclusions that we will be spending all of our natural gas overseas. gerri: interesting. i have to ask you one other question. as you well know, there will be a record 20 women serving in the senate. some people believe that this will miraculously changed the tone of debate in washington. do you agree? >> i think that more women doing good things is always a positive. so we will see. i'm optimistic that having more female voices in the congress is a positive. gerri: thank you for coming on. great to talk to you. appreciate your time. >> thank you. all right. gerri: breaking news. the house has passed the spending reduction assets. republicans that would reduce defense spending cuts. the sequester replacement bill. also called the more than 20 republicans voted against it. there will move on to other votes and start the debate. we will continue to cover this all night long. still to come, my "2 cents more" on the end of the world as we know when and, well above fiscal clef be the ultimate bridge before christmas? the irs thinks so. here with one agency is a warning next. gerri: the taxpayers may have to pay for it. details. gerri: the irs. the new warning for taxpayers tonight. get this. 100 million of us, 100 million taxpayers out of 150 million total me be able to the other file taxes or they will see there refunds delayed. that is your money. managing director of wealth held financial planning this year. what gives? >> everyone is talking about tax rates. the sentiment has not be determined. that when a way as of 2011. if he goes back to where was there will be almost 30 million people subject to amt. gerri: is that what people will be able to file? >> the problem is, the irs has not reprogram their systems. right now they're programmed to account for inflation and the exemption continuing to increase as we have, but if they don't do that in this goes back to where was the programming we will have to be redone and more people will be subject. more people -- more people will not be able to file. delays in refund. gerri: can i tell you how hard this is to take? we have all these unanswered questions about what is going to happen with taxes. the idea that the government can hold my money back for me because their own intransigence and errors and problems and granted, it's not the irs by congress and the white house. >> it makes you angry as a practitioner because we can't get solid answers to clients. and that's the that the company's logo. gerri: a little bit about this. people are really concerned right now about those taxes. there are red flags. mistakes you not want to make your going to get audited. things that will send you down that path. first of them of failing to report income. >> something you don't want to do. the thing is different now, computer programs of gotten better. a matching system. you better be reporting what's on it. gerri: they know. >> they absolutely no. even if he think it's wrong what you need to do is go back to the source, the issuer and get a corrected one and make sure the corrected one gets sent to the irs. otherwise you will be on the fall like i was today. gerri: another one, a really generous, and a lot of charitable deductions. even if you do illegitimately, you could be in trouble. >> absolutely. a lot of matching going on in the system as well as lack of proportionality. he charitable deductions, it's kind of a red flag. with charitable deductions you want to make sure you have documentation, but you also want to make sure that if it's over $500 untold charitable deductions, you file form 8283. u.s. that out. the item you're giving is over $5,000 you need to get an appraiser and have an appraisal. gerri: check here and trickier when you're talking about giving cards or whatever . >> i'm referencing schedules c and your tax return because that is where folks right of all lot. that is where it gets a little messy. there is a blurred line between what's personal and what is business. we'll like to be a little aggressive, but the fact is if it is relevant to travel, car expenses, document those things, document what the purpose of the meeting was, the purpose of the meal. keep receipts over $75. again, if it becomes egregious and you're taking more and more deductions and the income is looking smaller and smaller relative to the type of business and industry, they know this. gerri: they have always had red flags. your last one is miscellaneous income. what do you mean by that? >> miscellaneous income, what i'm thinking about our gains, and the gain that is subject to tax which may be at a higher rate as well as the additional net investment income tax, you might find that for basis, it's not reported. you might find that you up the basis of that year gain is smaller and by doing so you have less tax due on the gain because you have a higher base, you're paid more. so your showing less income. that is wet think will be something because it forms the file with schedule b. the reality is you have to document what basis this. your company doesn't provide that to you even put it whenever. you better have some backup. gerri: you need the paperwork. you need to be able to prove it, or you may lose it. thank you for coming on. appreciate your time. >> you're welcome. gerri: we'll be right back. ♪ [ male announcer ] at scottrade, we believe the mo you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. 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[splash!] gerri: and finally tonight, you know it means the world. using the ancient mayan calendar the world will end tomorrow. before you turn off the tv and go to her bunker, this has been debunked by scholars and nasa unless that is not stopping everybody from preparing for the rapture. people are stocking up on food, on water, emergency supplies to build their very own underground bunkers. those who don't want to go underground, bars around the country are throwing doomsday eve
MSNBC
Dec 20, 2012 2:30am PST
worst tragedies in our memory, the country deserves folks to be willing to compromise on behalf of the greater good. >>> that was president obama yesterday at the white house looking to jump start negotiations on fiscal cliff. following what's been a very tough time for so many americans. good morning, i'm mark halperin and this is "way too early." thanks for being up with us today. we have a lot of news to talk about on this thursday, including new fallout on that scathing report on the state department's, quote, systematic failures of protecting u.s. diplomats in benghazi. >>> plus, nasty weather bearing down as millions of travelers prepare to hit the road for the holidays. we'll have the latest forecast there. >>> first, let's get to the news here in new york city. five days out from christmas, 12 days away from the fiscal cliff deadline that could potentially cripple the economy. house republicans are expected to vote on plan "b." that's speaker john boehner's safety net proposal that would maintain bush era tax rates for everyone making a million dollars or less. >> about providing and working with us on a balanced approach. tomorrow the house will pass legislation to make permanent tax relief for nearly every american. 99.81% of the american people. then the president will have a decision to make. he can call on senate democrats to pass that bill or he can be responsible for the largest tax increase in american history. >> well, president obama has threatened to veto boehner's measure and he said republicans need to drop any personal grudges they might have to do what's best for the country. >> they keep on finding ways to say no as opposed to finding ways to say yes. and i don't know how much of that just has to do with, you know, it is very hard for them to say yes to me. but, you know, at some point they've got to take me out of it. and think about their voters. and think about what's best for the country. this is not a situation where i'm, you know, unwilling to compromise. this is not a situation where i'm trying to rub their face in anything. i think anybody who looks at this objectively would say that coming off my election, i have met them at least halfway. in order to get something done for the country. if you just pull back from the immediate political battles. if you kind of peel off the partisan war paint, then we should be able to get something done. >> look on the one hand those dueling press conferences suggest the two sides are at stalemate. on the other hand they do have proposals on the table that are the that far apart. what's going to unstick it is the big question. a problem is if both sides while they're willing to give ground are facing pressure from within their own parties. yesterday house minority leader nancy pelosi became one of the latest voices to speak out except except skeptically about her own party's proposals. >> speak out against. i'm not thrilled with the president's proposal. it's what it is in order to save the day. but that doesn't mean that we all identify with every aspect of it. >> the other big story in washington and around the nation, in the wake of the newtown shootings, president obama says gun regulation will be, quote, a central issue of his second term. vice president joe biden has been tapped by the president to lead the effort and work with cabinet members on making recommendations before the president's state of the union address. the choice of biden makes sense given his extensive anti-crime portfolio as a long-time delaware senator. he helped to pass a ban on assault weapons in 149. he also received an "f" rating from the nra. he acknowledged that gun legislation alone would not solve the problem. >> we know this is a complex issue that stirs deeply-held passions and political divides. as i said on sunday night, there's no law or set of laws that can prevent every senseless act of violence in our society. we're going to need to work on making access to mental health care at least as easy as access to a gun. we need to look more closely at a culture that all too often glorifies guns and violence. and any actions we must take must begin inside the home and inside our hearts. but the fact that this problem is complex can no longer be an excuse for doing nothing. >> later in that same press conference, president obama offered a sharp response when he was asked why his administration has mostly stayed away from the subject of gun control until now. >> this is not the first issue -- the first incident of horrific gun violence of your four years. where have you been? >> well, here's where i've been, jake. i've been president of the united states, dealing with the worst economic crisis since the great depression. an auto industry on the verge of collapse, two wars. i don't think i've been on vacation. and so, you know, i think all of us have to do some reflection on how we prioritize what we do here in washington. this should be a wakeup call for all of us. to say that if we are not getting right the need to keep our children safe, then nothing else matters. and it's my commitment to make sure that we do everything we can to keep our children safe. a lot of things are involved in that, vacation. making sure they got decent health care and a good education, making sure that their parents have jobs, those are all relevant as well. those aren't just sort of side issues. >> as the obama administration makes a push to curb gun violence and and it appears many americans are open to stricter law, according to a cnn research poll, over 60% of those support a ban on semiautomatic weapons. as pete williams reports, the gun lobby has other ideas. >> reporter: in camden, new jersey, a record-breaking 1,100 guns turned into the police buyback after the newtown shooting. some saying they wanted the guns out of the house. >> it won't be easy, but that can't be an excuse not to try. >> reporter: among possibilities, banning military-style guns called assault weapons and high capacity gun clips or magazines. stopping private gun sales without background checks. the gun show loophole. confirming a permanent director for atf, the nation's gun law enfonser, making it easier to get access to mental health care and changing a culture that glorifies gun violence. democrats are pushing to bring back the assault weapons ban that ran from 1994 to 2004. they want to ban guns like the bush master xm-15, the type fired in the newtown shooting. some studies say the number of mass shootings has stayed about the same over the past three decades, an average of 20 a year, even with the previous ban in place. >> overall, assault weapon ban is a good idea. it will take a bite out of crime, ordinary crime but when it comes to imagination murder, maybe just a nibble. >> reporter: on the nra's internet webcast last night, the hosts made their position clear. >> these gun-free zones are not the answers. people are left as sitting ducks. adam lanza knew he was going to be able to do what he wanted to do. >> reporter: some walmart stores say there's such a run on semiautomatic rifles they're running out. >> that was nbc's pete williams reporting. although the motives in the newtown shooting are still unclear, reports that the gunman may have been upset about his mother's plans to enroll him in a special school outside connecticut. funerals continue today for the victims of that terrible accident. there's new fallout over the attack on the u.s. consulate in benghazi that left four americans dead. four state department officials, including the security chief have left their jobs under pressure. those changes come less than 24 hours after an independent review blamed the department for what it described as grossly inadequate security lapses, both before and during the september 11th attack. while secretary of state hillary clinton has said she's ultimately responsible, the chairman of the investigating panel suggests the security lapses occurred further down in the chain of command. >> we fixed it at the assist and the secretary level, which is in our view, the appropriate place to look, where the decisionmaking in fact take place, where if you like the rubber hits the road. >> the secretary of state has been very clear about taking responsibility here. it was, from my perspective, not reasonable in terms of her having a specific level of knowledge. that was very specifically resident in her staff and over time. certainly didn't bring that to her attention. >> secretary clinton was expected to appear at an open hearing this afternoon on benghazi attack. her recent concussion sidelined her, leaving her two top deputies to testify today instead. she's out of sight but not out of mind for republican senators who insisting she appear herself on capitol hill at some point before her departure from the job she holds and before there are confirmation hearings for her inspected successor, senator john kerry. >>> robert bork died wednesday morning. he was solicitor general during the watergate scandal. he serve as a senior judicial adviser to mitt romney's presidential campaign. he's best known for his failed nomination to the supreme court after president ronald reagan in 1987 put him up for the high court. liberals at that point launched an all-out campaign to oppose bork, focusing on his views on the constitution and individual liberty. now of course one of his great legacies, the term getting borked. that was coined after his failed confirmation process and it's now used to refer to any nominee who is rejected after suffering a political assault. robert bork was 85 years old. >>> business news, the dow closed down nearly 100 points. for more on this and the rest today's business headlines, let's check in with cnbc's karen cho live in london. karen? >> good morning. we are seeing quite a bit of action out there as investors read the late e from congress. we're sitting up for a slight tick higher in u.s. markets. a bit of a recovery trade after that sell-off yesterday. one stock we're keeping focus on is the stock exchange. it's ticked higher by 12%. this is based on reports that rival operator intercontinental exchange could be about to make a play for the nyse. this may feel like an old story. it is the second time around, about two years ago ic teamed up with the nasdaq in a bid for the nyse. this was blocked because regulators were concerned about all stock offers being under one roof in new york. according to sources, deal could be worth about $8 billion. that would constitute about a 37% premium to wednesday's closing price. but stand by for more detail on this possibly today, mark. >> karen, thank you. as always, let us know why you're awake and watching. shoot us an e-mail at waytooearly@msnbc.com or tweet me @markhalperin. >>> still ahead on "way too early," the jets find one possible solution to the whole sanchez/tebow drama. dump them both. it appears gang green is ready to carry out a quarterback shuffle new york style. >>> plus, it will be a nasty commute as a winter blizzard rips across the midwest and towards new england. bill karins will have a check on the forecast when "way too early" comes right back here. ♪ if it wasn't for you ♪ don't know what i'd do ♪ i'd have nothing to prove [ male announcer ] introducing the celebration diamond collection. zales is the diamond store. let love shine. you know it can be hard toe. lbreathe, and how that feels.e, copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that does both. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen 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[ female announcer ] people who choose more whole grain tend to weigh less than those who don't. multigrain cheerios >>> ho, ho, ho, so lovely, the rockefeller center christmas tree. beautiful weather in new york right now. we get a check on your weather from nbc star meteorologist bill karins where things are not looking all that great as we go westward. >> midwest, people hoping to get their newspapers this morning and unable to get them. it's one of those mornings you're not going to be traveling, kansas, nebraska, iowa, up through wisconsin. those are the worst of it, chicago, rainy weather, same for st. louis. later today, the winds howl from the north. that brings in the cold air. chicago, just rain this morning. may even see a couple thunderstorms. later this afternoon in chicago, we change over to a burst of snow maybe picking up 2 inches. blizzard warnings still in effect again. the worst of it is iowa. winds are now 40 to 50 miles per hour, back through kansas city, wichita, omaha. that's where the highways are the worst, especially interstate 70 and 80, down around kansas city and topeka. the white is the snow. it's snowing good, des moines, dubuque through wisconsin. there's also the south side of this storm. i don't want to ignore the people to the south of that. that's where we'll be dealing with severe weather. as far as the snowfall totals, 6 to 12. it's the blowing and the drifting of the snow. wisconsin, areas from milwaukee northward could get the worst of this. we could be picking up 6 to 10 inches of snow. it will be windy and blowing behind that. a new tornado watch, if you're down there in mess miss, alabama, panhandle of florida, a chance of tornadoes until about noon today. if you're in the mobile area, you now have a tornado that's possibly heading your way in 15 minutes from now, mobile, alabama, heads up to you and your friends down there. we're not so concerned about deadly tornadoes or anything like that. it only takes one, i guess. >> on the snow, it's the blowing and the drifting. >> sideways snow. >> bill, thank you so much. >>> we go from weather to sports, my favorite transition. a great quarterback controversy, the new york jets planning to rid themselves of both mark sanchez and tim tebow at the end of the season. bill karins says good riddance. on the heels of the news that mcelroy will get the start on sunday. the jets are done with sanchez and tebow. they reportedly will explore all options to dump the two quarterbacks, including maybe trading them. good luck with that. accord tock a team source, the typically poised tebow looked furious upon receiving the news that mcelroy instead of tebow will be the starter. >> you know, i respect the coach's decision. obviously i want to be out there playing, so i don't necessarily agree with it. when something like that happens, i do my best to support greg and support the team and get him ready to play and prepare like a starter in case i need to go in there. >> as a player, even though you my not agree, you have to, you know, you have respect for them and the organization. you just do the best you can. all you can ask for and all you want is a chance to play the game you love and help this team win football games. you know, that's all i want. >> typically understated rex ryan said he's considering keeping all three quarterbacks active for send's game against the chargers. >>> knicks and nets facing off at madison square garden. carmelo anthony back after sitting out two games with a sprained ankle. second quarter, anthony making his presence felt, drains the three. the knicks go into the second half of with a four-point lead. the nets take the lead in the third quarter but felton finds tyson chandler, two-standed stuff. two points there. the knicks back in it. fourth quarter, they pull away. jason kidd finds anthony on the fast break. he hits the three from behind the arc. the knicks take it 100-86. >>> finally, a small semblance of normalcy returning to newtown high school, in the gy game the girls basketball, first sporting event for the town since friday's shooting at sandy hook elementary. the newtown nighthawks played the panthers. the girl's team won by 20 points, 64-44. great moment for the town and lots to do before christmas to get spirits back up there. >>> coming up at the top of the hour on "morning joe," live in washington, dueling news conferences were not pretty yesterday but the big question is can the president and speaker boehner find a way to strike a pre-christmas deal? the "morning joe" crew will knock that around. when we come back here, we'll huddle around the water cooler. bill cosby is trying to settle an age-old debate. which one of cliff huxtable's sweater was the absolute best? we'll show you some contenders when "way too early" comes right back. [ male announcer ] when it comes to the financial obstacles military families face, we understand. at usaa, we know military life is different. we've been there. that's why every bit of financial advice we offer is geared specifically to current and former military members and their families. [ laughs ] dad! dad! [ applause ] ♪ [ male announcer ] life brings obstacles. usaa brings advice. call or visit us online. we're ready to help. >>> we told you at the top the show, that president obama announced yesterday that gun regulation would be a central issue in his second term agenda. he'll likely face opposition from the powerful gun lobby, including the nra. tell your friends according to the sunlight foundation, more than half of the new congress that convenes next month, 51% received funds from the nra's political action committee at some point in their political careers. 47% of the new congress got money from the nra during their most recent election campaigns. >>> enough with the real news, now we gather around the proverbial nbc water cooler to talk some fashion. with christmas just five days away if you haven't already done it, you need to put on some of the festive holiday sweaters. they're so ugly that they're very cool. all the sweater hype has the grandfather of ugly culture sweater, bill cosby feeling nostalgic. he asked his fans to vote for their favorite cliff huxtable knit worrying during the cosby show days. there's the woven brown tone knit with the extra chunky black cuffs. the two-toned gray and baby blue v-neck sweater vest with the touch of pink in the center and the grandpa shawl collar cardigan. our overwhelming favorite here is the brick red and cobalt blue basket weave style knit. vote for your favorite. i suggest you vote for that one at billcosby.com. i didn't get quite the same appreciation just last month when i had donned a sweater hoon ott set of "morning joe." >> i was going out on the campaign trail. >> is in your campaign trail gear? >> this is the garb. >> it's all right. >> he's not wearing sweats. >> is it a fleece sweater. >> you are on the part of the city without power. no problem. >> that was cgi. i was wearing a suit that day. >>> when it comes to beauty queens, the united states is back on top, usa, usa. last night -- >> miss universe 2012 is usa! olivia culpo is the winner. miss universe. >> last night, miss usa, olivia culpo was crowned miss universe. the 20-year-old boston university sophomore reclaimed the crown for the united states from angola, beating out 88 other women from 6 continents at the las vegas competition. not your typical pageant queen. she's a star cellist who has played with yo-yo ma, donald trump is the co-owner of the miss universe organization. congratulations to all of us. >>> ben affleck was on capitol hill yesterday, testifying about the problems facing war-torn congo. it wasn't just humanitarian issues in the spotlight. speculation is swirling about a possible senate run for affleck after he met with senator john kerry. kerry, of course, is from affleck's native massachusetts. and he is -- kerry is speculated front-runner to replace hillary clinton as secretary of state. affleck is staying quiet about whether he's interested in the job. when politico asked him to comment on rumor on wednesday, he refused to comment saying, quote, that's not what i'm here to talk about. senator affleck. huh. >>> still ahead on "way too early," why are you awake? your tweets, texts and e-mails are next. "morning joe" live from washington, d.c. is just moments away. l ♪ ♪ you have a heart of gold [ male announcer ] vera wang love. the new diamond bridal collection from vera wang. exclusively at zales. [ male announcer ] the way it moves. the way it cleans. everything about the oral-b power brush is simply revolutionary. oral-b power brushes oscillate, rotate and even pulsate to gently loosen and break up that sticky plaque with more brush movements than manual brushes and even up to 50% more than leading sonic technology brushes for a superior clean. oral-b power brushes. go to oralb.com for the latest offers.
FOX News
Dec 20, 2012 2:00pm PST
, dana perino, greg gutfeld. it's 5:00 in new york city. this is "the five." ♪ ♪ >> andrea: caution. somebody let bill o'reilly out of the no spin zone and we got him right here on set with us today. bill, we have you for the next 20 minutes. we have a lot to cover. thank you for being here. start with benghazi. are you buying the whole concussion that hillary clinton is saying she has? >> well, laura ingram named it the immaculate concussion. am i buying it? i think he is could have tape -- if you are a football player you can tape and play. i think he is could have -- she is trying to delay it. i nobody knows where she is. i'm worried about her. >> greg: at my apartment. watching videos. >> andrea: is that why she delays it? she can say i can't remember. i don't know. the concussion. >> am knows yeah. >> greg: you got to understand. what if this concussion is real? everybody had a time and you got to a final and hoped a car ran over your foot. something like this would happen. and it happened. we're jealous. >> bob: this is one of the best secretary of secretary of state in histor
FOX Business
Dec 20, 2012 3:00pm EST
>> floor traders. what these people did is prevented flash crashes, they are here in times of emergency. tracy: wall live the floor traders, machines only get you so far. i am liz claman. this is "countdown to the closing bell". charlie gasparino always getting to the heart of the matter. he broke the story first, had this to be for anybody else, the intercontinental exchange, only 12 years old, 200-year-old for $802 billion in cash and stock at here is the reaction. the stock jumping 33%. people wanted a deal for this company. it has been years they have been trying to squeeze out a merger. inter-continental the exchange up 1/2%, the nasdaq interestingly enough up 2-2/3% and they're the losers because they wanted to buy and icy. cme group down 2.5%. the deal works out to $33 a share, a dirty% premium. you have them all electronic exchange just 12 years old based in atlanta with the size and scale of commodity futures like brent crude oil plus interest rate derivatives is huge and you combine it with the parent of the oldest exchange in the u.s. 200 years of independence. charlie gasparino taking us through the day. when you got the first call yesterday and broke the story, what did you hear? charlie: the journal had a first headline, i heard something about this. i do not confirm the first interview but they had headlines of the merger. i was hearing it was a full out acquisition, the new york stock exchange getting bought by the intercontinental exchange and that blew me away. it is an amazing story. we fight for seconds here. going on the air, basically saying at the new york stock exchange about the taken over, this is not a merger of equalss, this is a takeover of the most venerable, one of the most venerable institutions in american finance, the new york stock exchange. it is been there since the old button agreement. [talking over each other] charlie: that is why they call it -- they became essentially a club of freighters under that and expanded to much bigger than a tree, beautiful headquarters, but here is the thing. when i started to digest it it was a phenomenal story. the intercontinental exchange was created only 12 years ago by jeff springer, a longtime executive in the energy industry. people don't realize energy is a commodity, commodities are traded in exchanges locking in costs. he came up with a system to forget about the pits of chicago where people ice-cream at each other or new york, the new york mercantile exchange, let's do electronically and he created this thing, the intercontinental exchange and what is great about this is it is something to be said for the stock exchange remaining independent but they are now part of an american company and an american entrepreneur created $10 billion of wealth, that is what the market cap was before the deal and when you buy something your stock usually goes down a little bit, created $10 billion worth of wealth of market cap in ten years, something to be proud of and buying the stock exchange. not selling for the germans. [talking over each other] >> regulators time it. charlie: regulators in europe, eyes and nasdaq attempt over the stock exchange on antitrust grounds, your company is in one place. i don't think they're going to do that. [talking over each other] tracy: attempting that. charlie: this is a perfect fit, not much overlap. they will sell some stuff, but i think this is a perfect fit. duncan neiderauer had no choice. we should have a chart on trading volumes and this tells the story. since 2008 it has gone downhill except for a couple blips. [talking over each other] charlie: that shows you where it is going. in 2009 was pretty high, talking about less than half in a few years so they needed to do the deal and -- liz: floor traders you were the one reporter who asked about that. these guys wondered, an electronic exchange -- charlie: that is a pretty big story and other places don't cover that, they are not doing their viewers any good because what is it that this new business model has to offer over the nasdaq. there are people..o cf1 o that is the selling point. if you had a flash crash, stepped in between and rationally figure stuff out. the electronic trading for most of his career, when he came to the stock exchange. they both have appreciation for what the floor is. and you need something -- before i know, the floor traders tomorrow, there's a business model reason, that is what they told me. liz: that is important. the machines go crazy. charlie: to get carried duffy or bob greifeld. liz: schedule did not permit it, a good effort. charlie: bob greifeld said the same thing. i don't blame him for not wanting to go out, competitive, small player, competitive issues they have to do something to deal with this, all publicly traded companies. we should take a look. liz: it is up 2%. charlie: people see them as a takeover target. what is cme doing? liz: it was down. the only exchange that was down. here is nasdaq. liz: charlie: people think they might be the buyer of nasdaq. people think -- cme -- this is what is out there -- is going to buy the nasdaq -- that is what is going on in the markets and why cme is down and nasdaq is up. i have been out there asking people is there any talk about this? i can't get a good read on it but that is down 2%. there is competitive pressure with this deal, people are saying the cme will buy nasdaq, acquire stock goes down, the person that is being acquired, that stock goes up because people buy your shares. that is what we get. of market is saying there's a deal, cme nasdaq. [talking over each other] liz: we will be watching. great job, charlie. when did you get the call yesterday? charlie: i am not getting into that. i don't reveal sources. liz: all the e-mails, we were -- charlie: we were on the air almost immediately. and we made the look bad. i know when i was there that would never happen. never. we torched them. [talking over each other] charlie: celebrated with a couple martinis. liz: thank you. in terms of the market -- charlie: did well -- liz: colleagues at the journal. in terms of markets we are bouncing around, 49 times we crossed the flat line for the dow jones industrials. that means the search for direction is on an folks trying to gauge what is happening in washington. let's look where we stand with floor traders. mark, your floor traders will stay according to the ceo of ice and the nyse-listed >> the holliday, a lot of traders hoped technology would make strides and humans are still needed. we have a lot of reasons to be optimistic in 2013. the market has been acting well, resilience, december's the best month for the s&p up on average 1.7%. we have seen good breakouts recently in materials and industrial and financial so the market plays well. it still looks like we should push hy into your end. liz: your calling for 1470. we only have a few trading days left and we are at 1442. this is where we are, 1442. >> a good move down in the u.s. dollar. that should eventually act as support for commodities. you see negative correlation and my thinking is we should push higher and no reason for us to pull back at least in the short run. we have seen a little bit -- liz: not even if there's no deal before the end of the year? >> even though it has been no deal there still resilience even to stay positive. we have been dragging this ahead of a horse and investors actually have been buying protection which is interesting. of vix has moved up 12% last couple days ahead of exploration. liz: want to let everybody know the house has voted on the so-called plan b, the procedural vote for plan b which was one speaker of the house john boehner put forward. we want to let everybody know where the markets are. we are 23 points. we will see if this has any move but it has passed. the president said he would veto it. let me get to charlie in the cme pits, look. a floor trader is always happy to hear other floor traders are going to live but what went through your mind when you saw charlie's interview? he said we need these guys. humans of always mattered to versus electronic which we know can go haywire. >> i hope they make a better goal of the equity market than the futures markets because quite frankly i traded a lot of futures markets that are traded options in and it is hard to find settlement prices hours after the market closed. when you look at the liquidity of a lot of the stocks i think eyes hurt more than helped that situation. you saw a lot of liquidity dry up once they moved to the computers. there is something to be said for transparency but we will see what happens and how they trade the equities but it has not been such a great self the commodities. liz: look at any exchange, trading glitches or the flash crash. i am all for you guys. let me get to the nymex comments. we are talking about gold, you got to show this at the moment. gold again, this isn't just a blip of a move, once again we are dropping $19 and that is not even though low of the session. what is going on? >> we're seeing tremendous liquidation over the last three four days. we saw a lot of buying in the pits but fortunately the floor trading still exists. we are seeing a lot of buying a pre-emptive from 1750 down to 1700. i don't know that somebody is stopping themselves out of the long position or not but we are seeing a lot of liquidation. i think personally it could be because the bush tax cuts are ending and it makes sense for any fund or anybody who's long goal to has a low-cost base is to liquidate now and 3 initiate in the new year. >> i have a follow-up on that. specifically what was and options trade on tuesday and rumored to be a chinese rolling position, they sold 75 calls, all those in effect, 675 calls, the scuttlebutt on the street is these are a hedge, that they are hedging along, futures position. technically you came through the 200 day moving average the same day you hit the ten day moving average. we are down on major support, down on the 100 week moving average. liz: the fat tuesday's trade charlie talked about happen overnight and people said what is going on with gold? absolutely right on that. thanks for the color commentary. we love you guys, long live the floor traders. closing bell ringing in 38 minutes. dog eat dog world in the trading pits, especially for those exchanges, spreads in volume is down, water flow is not what it used to be. thomas caldwell is chairman and ceo of coldwell securities. this term as millions of shares and at one point he was the largest shareholder, find out why he thinks the night she had to do this, we are also finding out whether he is concerned how this will integrate and analysts say the record has been sloppy. we have an coming up. i always wait until the last minute. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. liz: carl icahn not having a lot of law, his plan to combine railroad operators took a detour. and you need to hear this, jeff flock at the cme watching in massive snowstorm develop and you first. nicole: let's talk about these rail cars and carl icahn, this is what is going on. carl icahn trying to merge american rail car. there's american rail car down 8-1/4 prison with larger rival green briar down 12%. a huge move for these two companies but as i noted now he has been forced to sweeten his proposal because now target has made a counteroffer so it is a back-and-forth who is going to win this one, it is not for sale. and this cash by $2, $22 a share. this is subject to the green byre shareholders' approval. it is a back-and-forth, i am taking you out, this is like a poker game. in the meantime stocks are losing big time. liz: we have a lot of people picked that stock. we're watching that closely. let's talk to jeff flock, huge midwestern storm. do you see it yet? what is it going to prices? >> raining like heck out there. why do traders love a snowstorm? look at the map? there is volatility in the markets. all through the midwest, a foot or more portions of the upper midwest and look at what that has done, if you bought natural-gas futures and getting beaten down last couple weeks you can pay off 3% for natural gas, not only is there going to be snow but a lot of coal heading for heating oil up 1%, so good news there as well. here is the thing about the snow and precipitation. that is a drought mitigating. huge sell-off, corn, beans and wheat all down, down $7 a bushel, 1% down $0.07, beans were down $0.30 down almost $14 a bushel and the first time since may under a dollars a bushel down 2%, $0.16. traders love today, look at blood mess behind me. was a good day. [talking over each other] liz: i have been there. thank you very much. you saw that storm barreling down. can't blame this on the alberta clipper this time. don't blame the canadiens for everything. we heard from charlie gasparino about the deal, the long independence stock exchange and very an intercontinental exchange, combining forces but what does it mean for shareholders. not bad if you want two million shares depending on where you bought it because it is jumping 33%. joining us now thomas caldwell has a lot of this stuff. you have two million shares. correct? >> portfolios are managed, two million shares--a lot more than that. liz: you were at one point largest shoulder -- shareholders, what was your cost basis? are you above water? it sold out depending when you bought it. >> in this final position we will probably be getting some profit. not get rich profit but great for profit. liz: so first -- >> a ferrari here. obviously it is a positive thing for shareholders. stock has been willing wishing ever since the failed. aborts merger. it is down $8 and they're about but popped out from that ritter possibility. should have been approved. this won't have the same problems but the stock dipped in the 20s and has been climbing back, 23, 24 and had this bounce yesterday so people are happy with that. is a tough business. the cash equity business has been obliterated in america for and parts of the world but particularly in the u.s.. liz: we were showing the volume coat over the past several years, you have seen it volatile but always on a trajectory that is downward and here it is, trading volume on the decline so they have to do something to survive. are you a little win some for the old nasdaq deal $42 a share versus this one which is $33.12 a share? >> i don't know that when some is the word. [talking over each other] >> i am grateful no matter what is going on. the cash equity business, regulation, introduced hyper competition. it fragmented the market, pull off volume, squeezed margins and investors are investing less in cash equity. there has been so much in a way of scandals and regulatory overkill that people kind of walked away, looking at real-estate, new york had to cope with a diminishing high, and cash equities, and it is a smaller pie. they have to merge. to bring their costs down. and lay off their people. ice does get this international future. and it is that pretty good idea. liz: as we finish up, the macro picture, are you have the on equities going into 2013. >> i am an incurable optimist, it is beautiful and you are right, don't blame it all on the canadians. look at the turmoil in america, america will eventually do the right thing after exhausting all the possibilities. you will get it right. liz: happy holidays, great to see you. thank you for getting in the chair force. he is in the money today. we will be right back. dow jones industrials losing much of its gain. we will see what happens by the closing bell. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies. tdd#: 1-800-345-2550 i use their global research to get an edge. tdd#: 1-800-345-2550 their equity ratings showe how schwab tdd#: 1-800-345-2550 rates specific foreign stocks tdd#: 1-800-345-2550 based on things like fundamentals, moment and risk. tdd#: 1-800-345-2550 and i also have access to independent tdd#: 1-800-345-2550 firms like ned davis research tdd#: 1-800-345-2550 and economist intelligence unit. tdd#: 1-800-345-2550 plus, i can talk to their global specialists 24/7. tdd#: 1-800-345-2550 and trade in my global account commission-free tdd#: 1-800-345-2550 through march 20. tdd#: 1-800-345-2550 best part... no jet lag. tdd#: 1-800-345-2550 call 1-866-294-5409 tdd#: 1-800-345-2550 and a global specialist tdd#: 1-800-345-2550 will help you get started today. >> holiday shopping may have inspired you to make money back through investing; right? you spent it on presents, and now you want to invest properly? retail names could be expensive compared to other alternatives like reach, real estate investment trusts, that have exposure to the american consumers. david henry is kim co realty ceo, focused on retail, pay a juicy dividend. it's a great story because the stock is up 18% year over year, looking healthy right you. can we make the inferns that if stores are doing well, you're doing well because you can fill your leases nd maybe charge a little bit more? >> exactly right. the whole shopping industry is getting better, powered by the consumer that's still spending. retailers, especially the national retailers, are growing like crazy, adding stores, good for us shopping cementer landlords. >> the stock up with other ones like arcadia and others in the space, but for you, you're on all regions of the map. they say real estate is low -- local, isn't it? which area is best for you? >> we're a national company and concentrate on the new york city metro, we have 80 shopping centers, and 140 in obama -- baltimore and wushz area. these are major cities, live, work, and play. >> one looking better than the other? >> the coasts are looking good, although, chicago is a major area. texas is a good strong market for us, good employment growth. >> 12% of the properties in california. we know california's financial situation is dire at this moment. i follow it closely. any erosion there or worrying trends? >> not so far. it's hard to build in california. if there's an existing shopping center, it's going okay, like in los angeles -- >> leading me to the next question. a lot of the guys are sprucing up existing malls. there's not as much out right building, or what are you doing? what's the choice here? >> the economics are not there to justify new buildings. rents have not recovered to the levels they were years ago so in terms of buying land, getting it titled, zoned, and then building just doesn't make economic sense. it's easier to renovate and expand what you already own. >> we're showing what retailers are in most properties. walmart, sears, petco, best buy, and then dollar tree, t.j. maxx, ross, i don't know, is one area doing benter than another right now >> >> i think the analogy of a barbell works. the low eed discounts doing well, and the high end. it's the people in the middle struggling for the right business model. >> you have a juicy dividend, 4.3%, but we have to let people know taxed at a regular income rate so if something happened in the fiscal cliff discussions, you're already taxed at 35%. >> exactly right making these dividends look better as ordinary taxes go up. >> absolutely. important point, folks, and bet ere than your savings account or treasury yield. 4.3%. what's not to love? good to see you. >> thank you, liz. liz: happy holidays. >> thank you. liz: closing bell ringing in 28 minutes. if you're trying to figure out who the winners in retail for the holiday season are, and, yeah, losers, too, you may need an edge, maybe somebody doing the leg work for you. don't lift a peter. wedon't lift a finger, we have peter to do that, and he'll tell you what's hot and not. his fund beat the s&p500 by the wide margin, year after year, coming up next. ♪ girl: don't look at me. second girl: your hair's a bit frizzy today. aw! ha ha! you should pick that up. announcer: every day, kids witness bullying. poor you. ha ha! they want to help but don't know how. teach your kids how to be more than a bystander. visit stopbullying.gov. liz: finally the quarter that research in motion turns it around? probably not, but at least the blackberry 10 comes out in a month, and people are hoping on this one. let's get to the news room. blackberries. >> yeah, research in motion in the hot seat after close today, high anticipation of bb10 on january 10th. the numbers we're looking for, expecting a lot, 35 cents per share on revenues of $2.66 billion. as far as blackberry 10, that's the key focus for any analyst earning comem tear -- commentary they make. this is what i know, i've been invited to a big splashy event here in new york city. the device and operated system tested by 120 institutions including 64 fortune 500 companies. there's two devices launched. one with the keyboard that we can't get rid of, and the other that we know and love and a touch screen device. already major u.s. and european carriers signed on board. we want to know more, however, any preorder details will move the stock, and we'll talk about that after close today. the stock up already ahead of those numbers as well. liz: i don't know how the company fumbled such a massive market share. i know you are with me, i can't let go. you get the second phone for the pictures, but the -- don't forget we'll cover research in motion's earnings report after the bell the second numbers come out. we'll have them, and, oh, yes, nike as well. don't miss nike. supposed to be a hot seller, but the wii console caused a problem for a game maker. they had thousands and thousands of preorders ton this. >> i'm sitting with my friends, chatting about game stock, and he can't comment on it because he's trading on it, but it's down 5.5% right now for game stock, not ad good move there, under pressure, and that's because we have the analysts talking over, and they cut revenue estimates for game stop based on what they see from nintendo, the wii u, and i know kids with that on their holiday list, but it's not all it's cracked up to be, and they will not see the sales from the wii u they hoped. the technical details of the system were disappointing so with that great review, not so great after all, that's why you see the pull back in game stop. liz: a nice performance over the year, i will say that for game stop. >> right, yeah. liz: thank you very much. so much of that is the supermario stuff my kid has to have. what is with that? okay. a fund manager beating markets off your holiday shopping. you have two extra shopping days this year. did you know that? peter dixon research analyst has an excellent record picking stores you shop at, and it's too early to see what the sales will be, but he's optimistic. we have retail winners and losers. hi, peter, thank you for joining us. >> hi, liz, thank you for having me. liz: you're up 28% year over year, and just the fund manager i want in front of our viewers because you actually have a good track record of success. who looks good here with the winners? >> well, you know, i'm generally optimistic on retail this holiday season, but there's mixed signals out there, and i think that it's really too early to determine who the winners and losers are, but eng you do have to be -- i think you do have to be very selective. i'm looking for the best brands and categories because i think that leads to the best earnings growth, and i believe stocks follow earnings. best earnings growth should lead to the best stock performance. liz: how do you go about choosing that? warren buffet picks best in class or second best in class, a competitive mote around the product, but what's your metrics in picking a stock to put in your fund? >> well, for me, it's really all about bottom-up fundamental analysis looking through financial statements, talking to companies, talking to consumers, looking at what's going on out in stores, but, really, just paying attention watching to see what brands are gaining traction, gaining momentum, what are popular, and, also, what categories are growing the fastest or have the potential to grow the fastest. liz: what categories are growing? the ones that really look healthy? >> sure. so there's, you know, footwear, accessories, handbag, things like that, a good example. liz: purses. >> exactly. liz: i don't know. it's a thing with women. we love brand new bag every fourth season, okay, every second season. okay. footwear specifically, look at what's in your fund, and we've got a whole bunch of names here, but here's some stocks up there. is it more the athletic footwear, off price, or we have seen that some of the boots out there are not doing as well. i don't know if you own ugg, but it's not doing wonderfully. is there a specific, a sub sector here? >> well, speaking of footwear, certainly areas of athletic and fashion. boots have been doing well in general, but consumer tastes can change, and it really comes down to individual brands and styles that are resinating with consumers. liz: let's go with the retailer areas that you feel are price sensitive that might not necessarily do as well in 2013. >> sure. absolutely. well, if you look at the kind of moderate levels of apartment store -- department stores, certainly challenges there and areas of children's apparel retail. the teen space, generally doing well, but, again, be selective. you have winners and losers, and i think there's some lagging in the teen space -- team space, and, again, you really have to be selective about an individual space. i could, you know, paint broad strokes. i talk about moderate department stores, but some could be doing well, and just a category right now, a little bit choppy is weather sensitive areas, and we know it's been warm, and we have a very unseasonably warm winter last year. certain areas of weather sensitive categories are more choppy, not weak across the board. liz: a couple snowstorms, one in the midwest coming. that could juice the stock. nice to see you, happy holidays. >> thank you for having me, liz. liz: up year over year 28%, he is the fidelity investments research and analysis portfolio manager. closing bell in 16 minutes, uncertainty swirling into the year. we have cliffmas, as in merry cliffmas. look, where the markets freeze and thaw in 2013? that's what scott freeze says mite happen. get ready, he has a weather pattern he believes will happen with the markets, more than $50 billion in assets under advisement. he'll tell you what to watch for and when to buy. ♪ from the best players in history to the number 1 club in the world. the potential of manchester united unlocked. nyse euronext. unlocking the world's potential. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. liz: fox business market check, cruise operators, carnival, lower by 6% here, a weak outlook for the fiscal year blaming the trend of cruise goers booking their trips closer to when they set sail for foggy visibility. this comes ahead of the wave season when travelers book the majority of year's business. right now, looking at shares there, royal crabbian down about -- caribbean down about 2% there. not a great day for the cruise lines. what are the tell-tale signs that tell us what the 2013 economy and markets look like? signals that tip us or money people out there, a, the mayan apocalypse, a baby bump, or, country, new tax laws in the u.s.. guess; right? scott freeze, street run financial president, the answers in the fox business exclusive. i know really smart people scared about the mayan calendar tomorrow. like, dude, no, chill. you have 50, 5-0 billion under management. what are you thinking about in 2013 as far as investing is concerned and how it pertains to what the economy might do? >> first of all, no fiscal cliff deal. we're going over the cliff, best thing that can happen for us. people have to remember, even if there's a last minute deal, it looks like it's over the cliff. first quarter next year, probably a tough road to hoe. the market corrects 8%, unemployment still stagnant, won't turn around -- liz: how long does it last? >> three or four months. we're not looking at an an extended president, but companies have to figure out what's going on, how do the handle the tax situation, what's the rate, how do i handle obamacare and this. once there's a couple months of a known environment, they can position themselves for the future. like anything else, the economy's cyclical. it's been a bad depression or recession, whatever you want to call it, but we are coming out. there could be a slight double-dip, but it's been something in my opinion, over emphasized. liz: watch out for a 8%-10% drop nearing the beginning? >> beginning of 2013. liz: not cash out, but how would you -- >> go into the value names because the value names look like risk stocks, and towards the second quarter, go into the third quarter, get out of value names and the growth stocks. liz: how do you define a value name? >> as we discussed before, old-school technology is one of my favorite plays right now, the 1990s names opposed to the new-school technologies, oracles, microsofts, and intels. liz: intel was out performing the first part of the year, and that fell off. >> true. liz: what has microsoft done? not exciting, oracle, definitely. >> not exciting, but if the market drops and it's flat, you make up the 8%. if you are flat when the market drops 8%, in my book, you're up 8% and that's a win because you're not losing with everything else is benchmarked. high yield, the hyld that we talked about before, hyg. the tax implications, just don't by 3m or ibm. go into high every yield strurmts so -- higher yield instruments so after -- liz: spreads relative to treasuries narrow the, -- narrowed, which they have, is this the trade picked over too much? >> i think it has, but this is the next three to four months, nothing to model your ported folio on for two years. liz: it's a trade? >> it's a trade for the next three or four months to be stable, get the returns you're used to, and you have to see how it shakes out. look at everything. okay, i understand the tax consequences, what we're looking at, and now i can plan ahead, and then by may or june, it's that turn around where you're going to be starting to get out of the products back into the growth names. liz: what do you say to friends who i'm just scared i'm going into treasuries? >> i just laugh at them. i really don't have any friends that act like that. liz: i say you're not my friend. thank you so much. >> thank you. liz: scott, happy, happy holidays. >> you too. liz: good to see you, scott freeze, closing bell in six and a half minutes. at the top of the hour "after the bell," full coverage of rim earnings, the blackberry. what's going on with the company? they had a nice move in stock, but we have an exclusive with randy potts, ceo and president of winnebago industries. they crushed it. the price point on the average, look at that thing! it's $300,000, that's right outside fox business studios right now. we have the ceo with the vehicle and wait until you see which fox superstar is kicking back in there. stay tuned. ♪ [ male announcer ] this is amy. amy likes to invest in the market. she also likes to ride her bike. she knows the potential for making or losing money can pop up anytime. that's why she trades with the leader in mobile trading. so she's always ready to take action, no matter how wily... or weird... or wonderfully the market's behaving... which isn't rocket science. it's just common sense. from td ameritrade. and the on numbers and today reaction, down about 6%, deutsche bank is cutting the price target from 75 to 65. it is 56 right now. the stock at a new 52 week low. the fourth quarter forecast would be disappointing and that is enough, pretty negative drop as you can see. guess what? david asman not here today, but ashley webster there. ashley: i will try to fill in. a lot of good economic -- third quarter gdp revised up to 3.1, the market completely ignored it. we will focus on what is going on in d.c. john boehner more optimistic a little earlier, just a hit. that is why we are slightly higher. liz: a procedural vote happening, neil cavuto live with everything you need at 8:00 eastern because that is when the vote will take place that the traders watch it and so is nicole petallides on the floor of the stock exchange, standing at a place that will be changing the ownership, intercontinental -- that has to be the topic. nicole: this is the topic. monumental day on wall street. this is the 200-year-old institution and now
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Dec 19, 2012 6:30pm PST
captioning sponsored by wpbt >> this is n.b.r. >> tom: good evening. i'm tom hudson. president obama urges house speaker john boehner to take his deal on t fiscal clif f calling it something republicans can be proud o >> susie: i'm susie gharib.ud the c.e.o. of manufacturer johnson controls says business is looking good for 2013, but going over the fiscal cliff could change that. >> tom: and the u.s. treasury speeds up plans to sell its stake in general motors. is the automaker ready to stand alone? >> susie: that and more tonight on "n.b.r."! >> tom: unr the threat of ar white house veto, the u.s. house of representatives is expected to vote tomorrow on the republican plan-b to avoid the fiscal cliff. house speaker john boehner thinks the house will okay the package, trying to turn the heat up on president obama to steer clear of automatic tax hikes and government spending cuts due to take affect in 12 days. still, as darren gersh reports, there are some signs the two sides are narrowing their differences. >> reporter: house republicans say they're still working on plan a: a big agreement with the president to cut spending and raise revenues, but they were pushing plan b today-- a tax hike for those making more than a million dollars. >> tomorrow the house will pass legislation to make permane tax relief for nearly every american. 99.81% of the american people. then the president will have a decision to make. he can call on the senate democrats to pass that bill or he can be responsible for the largest tax increase in american history. >> reporter: hours befe thee speaker issued his challenge, sidesresident said the tw were not that far apart. just a few more steps the president suggested and republicans would have a deal in hand to tame the deficit for a decade. >> that is a significant achievement for tm. they should be proud of it. but they keep on finding ways to say "no" as opposed to finding ways to say "yes." and i don't know how much of that has to do with it is veryt hard for them to say "yes" to me. >> reporter: there now appea to be two key sticking points: republicans want the president to offer up deeper cuts in entitient spending totaling several hundred billion dollars over ten years.sp in rurn the president is determined to get a long-term extension of the nation's debt limit.ur last year, the fight over rsing the debt limit brought the country to the edge of default.he but house republicans see the debt limit as a crucial check on spending. >> i think they are very, very reluctant to give up this leverage-- what they consider to be the last leverage they may have next year on trying to get real entitlement reform and i think that accounts for a lot of it. >> reporter: but the president considers debt limit battles to be an irresponsible use of congressional power. >> i will not negotiate around the debt ceiling. we are not going to play the same game that we played in 2011, which was hugely destructive. hurt our economy. provided more uncertainty to the usinuss community than anything else that happened.s >> reporter: the house will vote on the republican plan b t orrow. veterans of washington's budget battles wouldn't be orrprised to see a plan c or d before a final resolution is hammered out. darren gersh, "n.b.r.," d washington. >> susie: the threat of the fiscal cliff was a big topic at an investor conference in new york today hosted by johnson controls. this wisconsin-based industrial conglomerate is a leading provider of products to make buildings energy efficient, and it's also the world's largest maker of car batteries and automotive seats. c.e.o. stephen roell told me he's worried that uncertainty about the fiscal cliff could hurt consumer confidence, and his business. >> we don't do that. as the consumer, i products to costumers like the big three, that in turn sell to the autowa industry. my biggest concern is how it will affect the psychology of the consumer. i've been surprised, susie, that people continue to buy autobiles. thatouldar is change dramatically. >> sue:e steve, to what extent are the ups and downs impacting your business day to day. >> i think people are holding back on making captain investments. i see that particularly in the building side. from my standpoint, i continue to invest around the world. i'll invest make sure i'm buying the strategies we laid up for the next three years. the question is what it willes do, depending on what the outcome is, how is it going to alter my strategies if the out come is different than i thght. >> susie: higher taxes is going to be a part of any deal. >> right. >> susie: are you open to higher taxes? how does it impact your business? >> i'm open to it. but i'm concerned and i don't want to be uncompetitive. i've got to make sure whatever tax structure works, i'm more concerned about how it impacts my ability to do business around the world. am i disadvantaged against other nations or benefit from other nations' tax structures. >> susie: you told analysts today that johnson controls is going to post higher earnings and sales in 2013. but if for some reason tse negotiations -- we don't have a deal and wese go over the cliff, how is it going to impact your forecast for next year. to it would impact our growth, obviously. g will manifest itself in how production changes. and that's the biggest issue. but i have so many issues. for example, we're still trying to figure out europe and the depth and duration of that economy. that's just one of many. clearly i don't need another challenge coming from the uncertainty around the fiscal cliff. >> susie: you do a lot of business in china, and you're very bullish on china. can your business in china offset any during you might have in your business from what goes on in the u.s. economy? >> probably not. the autosh in business and the ilding trades, but that is not going to be enough to offset the fiscal cliff, a we're going to have too manage europe at the same time. >> susie: let's say there is no deal and the u.s. economy really slows down, or as some people say could go into a recession, how are you preparing for that possibility? >> we're trying to make those investments that are strategic, an holding back on our hirng becauseng we don't know the growth rates. we're probably looking at the different ways to reduce our points from a logical standpoint, and we're trying to pull every lever to give us some latitude and leverage. >> susie: what deal would you like to see come out of washington? what would be best for your compeay? >> probably making certain that the tax increases don't go all they?ay down to theay middle class. i think we've just got to make sure the majority of people can still protect their net pay right now. my biggest concern is -- what the government could do is make sure that the middle class and the buying power of the u.s. is not impaired in any way. susie: do you think we're going to have a deal by the end of the ye s yeg. >> i think we'll have a deal, but my concern is it will be predicated on somee future action and we'll have to kick the can downur the road again. that's my fear as well. >> tom: if you're anxious about the fiscal cliff, you're t one, still ahead, how some americans are cutting back, and how the cliff is impacting both investor and consumer behavior.n stocks headed south on wall street as debate over the fiscal cliff heated up in washington. adding to those worries, word that fitch ratings repeated its threat to strip the u.s. of its striple "a" credit rating if we go over the cliff. the dow fell 99oints, the t nasdaq lost 10, the s&p down 11. >> tom: u.b.s., the big swiss bank, is putting accusations of interest rate manipulation behind it. the bank will pay $1.5 billion to sett charges of rigging a key international lending rate. the u.s. justice department also filed criminal charges against two u.b.s. traders, and a unit of the bank itself. the agency calls the senk's conduct, "simply astonishing." >> hundreds of trillions of dollars in mortgages, student loans, credit card debt, nknancial derivatives and other financial products worldwide are tied to libor, which serves as the premier benchmark for short term interest rates. in short, the global marketplace depends upon all of us ryingus on an accurate libor. yet u.b.s., le barclay's before it, sought repeatedly to fix libor for its own ends. >> tom: the probe into the libor interest rate manipulation involves more than a dozen major financial institutions including barclays, bank of america, and so.,ete generale.ne >> susie: uncle sam may soon be exiting the auto business. the treasury department said today it will sell is remaining and controversial stake in general ms ors, in the next 15 months. as part of the deal, g-m willor buy back $5.5 billion in shares, and that will happen by the end of this year. g.m. stock revved higher on the news, climbing 7% to $27 a share. and, as suzanne pratt reports, some investors like the sound of an independent g.m. >> reporter: it looks like general motors may soon be hitting the road all by itself. four years after spending nearly $50 billion to rescue the struggling automaker, the u.s. treasury wants out. and, gm needed to shake off the stigma of being known as government motors. >> general motors to wanted do this. they wanted to get the government off its back so to speak and to prove to the people they can pay back the loan, part of the loan. >> reporter: other auto experts says everyone involved wanted to end this year on a positive news note. >> it helps the folks at gm and the government e the year on a high note and send us into 2013 with a positive wind at our t sails. >> reporter: what's not very positive is that taxpayers stand to lose billions of dollars on the g.m. bailout. in fact, if treasury sold all of its remaining shares today, it would mean a net loss of nearly $13 billion, or about a quarter of the government's total investment. for its part, treasury argued today the gm bailout saved amile been lost if g.m. shuttered its factories. still, in order for taxpayers to recoup the money spent on gm, the stock would need to surge to about $70 a share. that's unlikely, particularly with g.m. currently trading at less than 30 bucks a share, well below their 2010 i.p.o. price of $33. nevertheless, while uncle sam is selling his stake in g.m., some au experts say investorsts should consider buying one of their own. after all, the employment picture is on the rise in the u.s. and so is consumer confidence. and, g.m. is getting its financial house in order. >> we've seen that the company has continued to strengthen its balance sheet , it's making money, it's continuing to be profitable, it adding cash to the balance sheet. it should be in a positi position on a going forward basis. >> reporter: that's not to say there aren't challges on the road ahead for g.m., including serious softness in europe. but most agree g.m. can and will drive into the future on its own.on suzanne pratt, "n.b.r.," new york. >> susie: our "nbr-u" partners at wharton have new research showing how accounting for government loan guarantees, like the one given to g.m., is impacting uncle sam's bottom line. you can learn more on the web, d st heato: www.nbr.com and h loofor the "nbr-u" tab.l >> tom: look for the dirt two fly in coming months. permits to build new homes in more than a four-year high last month as actual home building slowed down a bit. housing starts fell 3% in novembefrom the month before, but it has beenfr strong recovery, compared to a ye ago, housing starts up 21.6%. the building permit, jumping 3.6% in november, up to their highest level since july 2008. martin connor is the chief financial officer, and he joins us tonight from nnnsylvania. marty, welcome back to n.b.r. have you been out there increasing your building permit for next year? >>ma tom, it is great to be with n.b.r. i do think t we are increasiwe our permits. we've seen dramatic ocreases in our sales through the first four quarterscrf our year, all four quarters of our year. they went from the mid-40s to the mid-50s to the mid-60s, to 75% growth, fourth quarter over last year's fourth quarter. so we're optmatic about 2013. >> tom: your boss, the c.e.o. of tol brothers, signed a letter to president obama and john boehner, saying, quote,"failing to reach an agreement on the fiscal cliff will shake the confidence of american consumers." so home building is a long tale to it. why take the chance with your optimism given there is still no resolution? >> we're a long land builder. we own the land well in advance of when we actually put it in use. so we're positioned for the continued recovery. we have made those investments in areas where we operate, it is hard to get land. there is not a lot of land sitting around. having us puts us in a competitive v.. we're confident sensitive, though. demand is confident sensitive. and we have seen demand cover because consumers' confidence has improved, and their confidence that housing as a sound investment has improved, as they have seen prices se year-over-year here. >> tom: where is building best for you? where are you looking to put shovels in the ground come springtime? >> we've had a lot of success in texas. our urban products in the metro new york area have met with great success. and we're pleased to be between washington and boston with approximately 50% of our business because that market continues to be reasonably strog. >> tom: that isg. hot area. >> out on the west coast -- the job markets -- i think texas seems to have its own economy. the job market in texas is pretty strong. i think cifornia has been reasonably strong for us as well. particularly up in the silicon valley area. i think the success of a number of the companies upn there is driving the market. and seattle is another pretty wels well-positioned employment base and we've seen good sales up there. >> tom: from the east cost to the west coast with toll brothers chief financial officer martin connor with us. >> susie: investors are trading on headlines, and the head is all about fiscal cliff. yesterday the dow was up 100 points. today own 100 points all because the headlines weren't looking at0 favorable. >> tom: just very sensitive to any of the rhtoric coming out of washington for the stock market here, susieco in our "market focus," we can see indications of that. from the post-election highs we had yesterday, and the selling picked up a little bit as the day wore on today. here is the trade for the s&p 500. the s&p 500 slipped into the red within the first 20 minutes of trading, with the losses growing in the afternoon to end at the lowest level of the session, down 0.8%. tding volume was 747 million shares on the big board. just under two billion on the nasdaq.ol all 10 major stock sectors were wn. we telecommunications seccor saw the biggest drop, off 1.2%. health care fell 1.1%. consumer staples shed 1%. in the health care sector, intuitive surgical suffered the steepest loss. trading volume was very heavy, almost 10 times its average pace with shares falling 5.7%. s a research firm known for selling short stock, profiting when prices drop, voiced worries about certain uses for intuitive's robotic surgical equipment. we saw more selling in some cigarette stocks. as we previewed last night, the european union today proposed bigger health warnings on cigarette packages and a complete ban on strong flavors like menthol. philip morris ares droppriro 2.1%. it is the world's biggest cigarette maker measured by revenue. in the dow, some analysts concerns hit shares of general electric and alcoa.. g.e. fell hard, down 3.1%. investment bank u.b.s. remoed the strek from its favored list thinking earnings growth will slow. i alcoa dropped 3%. moody's put the company's credit rating on review for possible downgrade, thanks to falling aluminum prices. fighting against the weak market was oracle. the database software reported a strong quarter last night. and shares responded, jumping 3.7%, taking the stock to its highest price since the spring of 2011. digital storage stocks rebounded. western digital was up four percent. seagate technology increased 3.3%. both received positive analyst comments. fed-ex delivered earnings that were down from a year ag but still stronger than anticipated. the drop from a year ago was blamedr n customers using lower priced shipping options instead of the higher priced express shipping. shares gained 0.9% on somong volume. it pushed thonstock to a six week high. the company stuck with its previous financial outlook for the full year. d ter just five months on the job, the c.e.o. at martha stewart living omni-media is quitting. lisa gersh restructured the company's publishing unit, shutting down one magazine, whole living. after an initial sell off today, the stock rebounded to finish up 2.1%. volume was almost 10 times average. the wall street journal reports the company wants a c.e.o. with more experience in retail and merchandising. three of the five most actively traded exchange traded products were lower. the japan e.t. had the strongest gains, up 1.6%. heand that's tonight's "market focus."an >> tom: while the economy approaches the fiscal cliff, some americans say the threat of higher taxes has them cutting back on spending. a third of those surved by bankrate.com have reduced their spending thanks to the fiscal cliff show-down in washington. those cutting back are more likely to consider themselvesed republicans or independent voters according to the survey.t and while the tax debate is over high income earners, it's those earning less than $30,000 a year who are more likely to reduce their spending. we recently spoke with two behavioral finance professors about the impact the uncertainty can have for consumers and investors. they are pofessors at the university of miami. gentlemen, thanks for joining us. how do the fiscal cliff, the threat of the fiscal cliff, how could it bee impacting consumer behavior? >> right now it could generate a lot of uncertainty in the minds of consumers. different demographics might react very differently. specifically, the 1% or 2% at the top, where the democrats are proposing very large tax increases, or the repeal ofhe bush hex cuts to that group, it could affect the consumption decisions ahead of the holidays. they might choose to pull back or wait to see what the ultimate relution might be. >> tom: is that going to be enough to show up in economic statistics that we see in december? >> well, sure. iean, based on what i know, based on my previous research, given that, you know, especially looking et investor behavior, we know that investors are more likely to make mistakes when there is greater market-wide uncertainty, and we can see thata in their decisions to trade and trade more actively, and make biggerra mistakes. they don't understand the implications of all of the tax cuts and so on. they're likely tre make bigger mistakes, which taken together could have an impact on the market. >> tom: what about from the company's perspective? because we've heard from a that have.o.s frozen plans until 2013, waiting for some kind of certainty, which may be unlikely to me. >> itm essentially tells us when there are high levels of uncertainty in the ecomy, the option to wait increases. where you have ir reversal investment, it makes sense to wait. >> tom: this will sound like a silly question, luke, but uncertainty is a fact of life. all c.e.o.s and investors have to deal with uncertainty. what makes this uncertainty any different from periods past? >> i don't think one is any different, in my mind, at least. when people study the impact of uncertainty on people's behavior. this is, you know -- the difficulty is people don't learn as m ych from previous instances of uncertainty. they are likely to make single mistakes and repeat those mistakes, as a result of which every new instance is like a new one. >> tom: we'll leave it there, professors. jawad addoumand luke kuom with the university of. >> susie: tomorrow on "n.b.r." a check on the housing market, with quarterly results from k.b. >> susie: as you look at your gift giving list this year, you probably have toys and clothing high up. but beauty products ligs fragrances and skincare are selling even better.ra beauty is expected to be the top category this holiday season: up more than 7%. t's also the top rett'l category of the year. and as erika miller reports, it's not just women lining up at the cosmetics counter these days. >> reporter: like a growing number of men, zach bruno is paying more attenion to the skin and gro ring products he buys.in >> i came from being younger, out of school, not really caring about that sort of thing, and as i became more of an adult, with a real job and my own apartment, i felt like okay, i need to take care of myself a little better, inside and outside. >> reporter: so, he recently bought a subscription to a service called birchbox. once a month, he receives a box of samples of grooming and lifestyle products tailored to his needs. >> i've only gotten two xes so far, and they range from skincare, haircare, i got a tie, which i thought was pretty cool. and the one kind of tie i don't have. >> reporter: if he likes the selections, he can buy more at the birchbox bsite. most of birchbox customers arebo still wen, llt katia beauchamp says sales of men's products are growing more quickly. >> but en you are able to show them how this is valuable howre this is something that is actually addressing their needs and explain to them, you are looking for this. this is what this product delivers. it actually helps them. >> reporter: the increase in sales of personal care products may also be partly due to an aging adult population, wanting to look younger. it's also possible the strong sales of men's skincare products this year, may be tied to clothing sales last year. >> men's apparel was up all year last year. and now we're seeing this cometic or health and beauty up. so maybe their closet's full, and they're done replenishing their clothing. and they're working on other things that they need. >>meeporter: and holidays or not, we all love discovering a new product that makes us look anr: feel better: >> it's like a little present every month i get for myself. oe surprise! >> reporter: erika miller, "n.b.r.," new york. >> susie: tom, something for you to think aout. >> tom: shaving cream in shocking, maybe. >> susie: that's "nightly business report" for wednesday, december 19. have a great evening everyone, and you too tom. >> tom: goodnight susie, we'll see you online at: www.nbr.com and back here tomorrow night. captioning sponsored by wpbt captioned by mediacc as group at wgbh access.wgbh.orcch. >> join us anytime at nbr.com. there, you'll find full episodes of the program, complete show transcripts and all the market stats. also follows us on our facebook page at bizrpt. and on twitter @bizrpt.
FOX Business
Dec 20, 2012 1:00pm EST
not just northern california where you see -- was also l a, that was interesting. new york values went up as well. lori: markets are scattered. that is a debate over what the fines wealth in america, cost of living, property values, you can't have one single threshold the works across the board because -- lori: bringing it back to taxes. melissa: i love it. lori: and $8 billion deal, what does it mean for the future of trading? charlie gasparino will be along with exclusive details. melissa: look at how the dollar is fairing, the market up slightly and with that, currencies are weaker across the board. we will be right back. melissa: we want to take you to capitol hill, john boehner. >> the president called on the house again and again to pass a bill to protect 98% of the american people from a tax hike. today we will do better than that. our bill will protect 99.81% of the american people from an increase in taxes. it is permanent tax relief for individuals. a permanent hatch on the alternative minimum tax, the marriage penalty, death tax relief and permanent extension of higher
CNBC
Dec 20, 2012 9:00am EST
harry, during one of the breaks, talking about greece. you had an unconventional view, i think, of what's going on there. >> still tons of issues, major risks but i think finally some signs after five years of decline, it is starting to bottom. first, the eu demonstrated they will do anything to keep power, partly because he has made some progress and partly because the alternatives are scarry. finally seeing improvements in the budget deficit numbers. >> you are buying stuff? >> looking at stuff. finally start to see investors move in 2013. already seen government bonds in 2012 and i think you will see asset sales. >> you agree? you remember your name before -- >> that does it for us today. make sure you join us tomorrow. right now, time for "squawk on the street." >>> good morning, welcome to squawk on the street. i'm carl quintanilla, melissaly, jim cramer. nyse euro net selling itself to ice for 8.2 billion in cash and stock. david is here to break it down. >> go through some of the numbers four. the deal itself having been officially announced in the last half hour or so board signing off, call it about 8 a.m. eastern time. my sources tell me this all began a couple of months back when jeffrey spraker, the ceo of ice approached duncan niederauer, the ceo of the stock exchange about a potential deal. looking forward hearing from both men later in the program. as for the deal itself, if you're a new york stock exchange shareholder, mr. spreker built this account the past decade. 36% of the combined company will be controlled by current new york stock exchange shareholders. you get a premium. also an opportunity to participate in the continued growth of what will be a trading ba he months. they trade stocks. energy, interest rates, commodities, agriculture, that's what it's bat. global platform for the trading in so many different asset classes, particularly as it relates to derivatives, putting these two companies together this way. cost synergy is very important. $450 million what they are looking for. say that will take place after the second full year, realizing all of them but almost 80% within two years of closing. that's related to technology savings. clearing duplicate expenses, one public company instead of two save money. there are going to be some job losses one would anticipate here as well. women see how ice shares do today, of course, a growth company, so in growth shareholder sort of hands. will there be change today? people trying to figure out what do you do with the multiple? great cost synergies, slower growth, jim. so the question becomes what is the multiple of ice going to be in a year? 15 now is it 13? interestingly, the two companies do about the same number with ebidta. so clearly is a multiple differential enabling ice to be the acquirer waters its market value higher as a result of that hire multiple. >> nyx never cut the dividend. it has been bountiful. i want to talk about two words, upstart and venerable. what do you do about the idea a 12-year-old company is taking over a multiple 100-year company. what do you do, by the way, with this, all around us? is it just expensive overhead? >> it maybe overhead. it may be expensive, but not going anywhere. they are committed to this listen, politicians play an important role in these things have a dual headquarters, by the way, the company. >> really? >> atlanta is where ice is based that will still be most likely where the heart of the organization is. >> okay. >> but they are talking about dual headquarters. duncan niederauer will continue to run the nyse. ellen president of this new company as well. >> cnn model? >> yes. >> exactly. >> dodd frank echanges have mor power. sunlight plan. >> derivatives, markets in particular something they will benefit from the creation of so many more exchanges or addition of a lot of different instruments. >> ice trading up significantly. >> yeah. that's very interesting. again, we know ice was interested in the derivatives business to begin with, the new york stock exchange. remember, they partnered with the nasdaq in that ill-fated bid for the nyse when the nyse had a deal of its own to be acquired by or merge with deutsche borse. that much more a merger of equals. here, four board seats, expanding the ice board to 15 from 11 they will add four board members. no reason do this. this is an acquisition, not a merger over equals. >> all about the growth in the derivatives business, slow down in the cash equities business where the volumes are drying up, the margins are getting squeezed and we don't know when that business will return, several years or if there is a secular change in the way people trade now. this is the latest extrapolation of that story we have heard so much this whole year. >> these are all together the get-go deal for night. who has the power? who's the customer? who is going to make money off of trading? is trading equities just a vestige of futures? >> will it ever come back? will it ever come back? see normalized? >> ice want the equity business, david? >> they do >> they say they want it. say they are still in it. euro next over in europe, they are going to potentially take public, not a part of their plans, per se, in terms of just including it. here in the u.s., they still want the straight equities business. der riff city was the key. >> people want to believe this is not going to be the latest in a chain of squelch deals, denied deals. you think this one -- >> this one does not appear to have any hair on it when it comes to antitrust. >> nationalism. >> two u.s. companies. two u.s. companies. unless you want new york versus atlanta. that could be -- >> we did that. >> atlanta, the financial capital of the world. not the same ring to it. >> oracle buys a company. yesterday, merkel buys a company. today -- >> angela merkel bought a company? >> play that out. the insurance business. gardner denver perhaps. david -- >> yeah. >> this is deal mania. >> mention arris, trading up again, double the size of the -- what is happening? >> ge this week. >> potentially, the italian enginemaker. >> the fiscal cliff, result supposed to be frozen? aren't we supposed to be paralyzed? >> i guess the clock ran out on everybody saying we can't do anything? >> this is huge for us. >> i don't have a legitimate answer for you. none of these transactions are going to close this year, not a result of let's get something done by year end to avoid capital gains. >> something changed in people's attitudes, david. >> pent up demand for dealmaking that's been there. maybe a reflection that okay, going to get something done and so i feel a little bit better as a ceo in making a decision. but a lot of these have been in the works for some time but it is very interesting, jim. i don't have a straight answer. >> i'm going to buy -- i want to buy -- m and a, a huge profit. coming back. of of >> common threads of stock using the deal the percentage of the total, people using the stock because they feel their stock is at a valuation i don't want to say is maybe peaking -- >> i haven't looked at the numbers but no appreciable increase in the use of stock in terms of deals as opposed to cash. we know that cash is extraordinarily cheap right now. we have been wondering why there wasn't more dealmaking. don't want to make too much of it. this is still going to be a very poor year for merger and acquisition activity. we will be speaking to the global head of m & a at morgan stanley at 10:40. we will ask him. but this does line up well for next year, when it comes to merger activities. we will keep a close eye on ice shares, stock exchange shares this morning. we are expecting to speak to the two gentlemen behind the deal, duncan niederauer, jeffrey sprecher, as well. you there see it >> >> incredible all this is happening with the chaos in washington. >> do expect to close this deal second half. final question, the cme works they consider doing anything, coming in over the top? highly unlikely. my sources say because of anti-trust certainly in one way. didn't the first time when there was up potential. that is not expected. this deal is expected to make it to the finish line. one never knows. two shareholder votes needed. ice and nyse. >> fabulous reporting. first to get the deal price. well done. >> topic of conversation in this room this morning. as jim mentioned, futures on the rise a day after a concern about the fiscal cliff talks weighed on stocks. the batlogical escalate today. the house set to vote on boehner's so-called plan b. keep taxes from rising with people i incomes below $1 million in the event no deal is struchblg the president will veto the bill if it passes congress, he says yesterday, take me out of it take the deal. that was followed by the speakers a famous now -- by now famous 59-seconders were. jim, your point about big changes of control, these big disposition of assets happening, corporate america decided we can't wait and not going to wait. >> corporate america decided let's turn those guys off, make some money, do things right. i was looking at the press conference, now come up with a new way to look at press conference. boehner come up, short the s & p. said listen, my advice to you you shouldn't talk there is no deal the other 99%, should say guys, short the s & p. president comes on, short am, right? isn't this what happens? what is playing out. every time one of the guys comes on acre the market goes down. hey, memo to speaker boehner and president obama, could you give us a couple days off so we can actually trade here? >> two straight days of gapes, the s and p fell the most in five weeks in yesterday's session. not like we have been saying the markets want to drift higher, immune to the headlines, at the end of the day you watching this extremely closely in terms of the developments, will we reach that deal, 11 days and counting? >> people pointing to claims this morning, these very co-incident indicators, if there's no deal, you will see claims fight in a hurry, as businesses start to prep for what will -- what we can anticipate will be a back lack of demand. >> couple that with ex-spir rakes of the payroll tax cut, a lot of chat ber that this morning, an article in i believe the "journal" or "the times," average tax bill for a family, average household making $50,000 would be $1,000. taxes would go up by $1,000. most people in that tax bracket believe that their taxes won't be impacted. but they will. >> paid monthly, some people every other week. there will be two waves. this is my super bowl theory, that we will get a deal by the super bowl, because then everyone has got an paycheck and realized how little they make. i don't know necessarily who is going to be in the super bowl. i know one of your teams is not. but i do believe that things will get resolved by then we don't get it done next week. one of the things that has always been the case in this business not supposed to have any news, a silent piece no downgrades next week, no blowups, but the president and speaker boehner don't seem to understand the ket of wall street. >> got other things on their minds. >> you think so? >> maybe. >> like the republic? >> let's talk about some of the tech news, we have a lot to contend with this morning. stern agee listing ibm one of the top picks for 2013 citing big blue's unique business model, recurring profit streams and underappreciated product ask. as for apple, bernstein lowering its price from $750 to 800 a schaffer the firm sees apple's ability to beat earnings expectations as less certain. on top of it, blackberrimaker research in motion set to report earnings after the bell. shares of r.i.m. have lost -- almost doubled in the past three months, after coming off of a low there. where do we go first? we look at apple, for instance, premarket trade. >> this is the steve jobs/walter isaacson book. unless they have an omg product, won't like them. accenture last night, disappointing. i expected more frock accenture. accenture, ibm, oracle, and sap. accenture losing share of these companies? everyone feasting off of hewlett-packard's consulting business. >> a busy night for earnings, r.i.m., nike, "journal" this morning talking about nike -- easy to forget wasn't that long ago, nike seemed immortal, seem they had could do no long. that changed in a hurry. worries about r.i.m., consensus is a loss of 35 cents. everything pipped, jim to this blackberry ten. >> one product, i think they have done a lot of rationalizing on the cost side. nike went from being this terrific chime story with north america not doing that well to suddenly, an inventory glut of shoes with china, maybe north america can make up with it. nike remains a great growth company, a lot of cash, good dividend. i think if it gets hit, unless they can -- remember, china is coming back. so, theoretically, that's what the stock market upped the most since august 2010, it comes back, then nike represents great value. >>> when we come back this morning, a lot more on that deal of the day intercontinental exchange buying the nyse parent, nyse euro next, a live interview with the ceos of both of those companies. meantime, take one more look at futures after the worst day of the month yesterday. futures rebounding a bit. a lot more from squawk on the streets, post nine, at the nyse, when we return. st >>> herbalife is one of the stocks to watch this morning after bill ackman says he is shorting the stock, calling you the company a pyramid scheme. ackman will outline his herbalife argument at an investment presentation in new york city herbalife ceo defended his company yesterday on cnbc. >> this is about bill acman's business model. this appears to be an attempt to legally manipulate the market by short sellers. here is what we know, give it to you quickly. an extraordinary number of puts due to expire this friday. learned this activity was pegged at some kind of "significant event". >> mr. ackman suddenly announces he will make a presentation on herbalife on thursday, the day before the puts expire. now we know what this has been going on for, in the shadows, as we say is for the last eight months. this has been ridiculous, what's happening here. >> fascinating exchange of words and thoughts between mr. johnson and mr. ackman because after that interview, bill ackman talked to kate kelly and said he is not in any sort of options strategy. yes, there was unusual activity in the terms of the puts that expire this friday but as for mr. ackman, he says he is not involved with any of those. >> is it possible that other people could be aware that he was going to do something like this? >> the question is that illegal? it is not. if bill ackman said -- if i'm bill ackman, jim cramer, imcome out with a neg tifr position on herbalife, you can go out and do whatever you want with that? >> yes. now, obviously, one of the things that you know about, there's a fomentation rule in 13 b. driving the stock down, someone to could say it is manipulation. johnson may not have his facts right. johnson has been on "mad money" a number of times. this is a total battleground. merrill lynch reity traits does make a lot of money. herb greenberg done fabulous work here. in the end, ackman is saying all they are doing is selling product from distributor to distributor and that is a ponzi scheme because it doesn't end with customers, a la tupperware. >> 90% of the sales going out to customers, not staying in that channel. >> i want to be even keeled here, that johnson did come on, brian sullivan and mandy, go did come on street signs, didn't duck it did come out on the offensive, he was passionate in the way he defended his company. this, to me, is the old battleground. i really know that if individuals get in here, it's what i call int thintercity,al . >> look at the stock charts, multilevel marketing in nutritional supplements, same stock charges, new skin, companies that continually draw the attention of short sellers because of their marketing model. whether or not there is any basis in fact, all thrown out at the same time. >> ackman, say he has definitive evidence a lot of product that never went and the lieberman study johnson refers to is wrong, obviously, i think the stock could get hit again. i think he better deliver something today after what happened yesterday. >> he is going to be on cnbc, presenting at the sewn conference, before or after his were presentation, might be around noon, before noon, all up to bill, happening this morning on cnbc. >> there is a synergy. people come on our network all the time and say they like x. i own x and i like x. here is a guy who says i'm short it and i hate it. so you could argue mirror image. that's fair game. >> all the same. >>> last night on "mad money," cramer spoke about what your investment mindset should be doing 2013, how should you make a money for profits in the session? jim's mad dash is next. >>> later, the countdown is on. stick around to see which stock is among the worst traced of 2012. well, if it isn't mr. margin. mr. margin? don't be modest, bob. you found a better way to pack a bowling ball. that was ups. and who called ups? you did, bob. i just asked a question. it takes a long time to pack a bowling ball. the last guy pitched more ball packers. but you... you consulted ups. you found a better way. that's logistics. that's margin. find out what else ups knows. i'll do that. you're on a roll. that's funny. i wasn't being funny, bob. i know. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. yes, you could. go national. go like a pro. >>> you know it is going to be interesting when snoop city on the floor. time for the mad dash. talk con-agra, stock close to 13-year highs lately. >> jerry rod kin an amazing ceo, one of the best consumer -- one of the best consumer packaged goods men i have he ever seen. moving aggressively a private level. go to a supermarket, whole foods, cost co-you see their private label. conagra is going to be king of that slim jims, popcorn, a lots of good things, hebrew national. i feel this company is on the move, probably the most aggressive of all the packaged goods companies we see now. >>ed food business volume is lower, making up other ways? >> big acquisition, big road map, a big dividend. i have to tell that you this company was an also ran company. rod kin has reignited it. a lot of inflation costs, inflation's under control. i like this man. i think he has done a remarkable job. >> let's talk all scripts. >> a different one. glenn tollman out as ceo, not doing great job, he was trying to sell the company. it does seem to be one of these situations where a lot of people, a lot of hot money was in it. this is a name in my sell block on "mad money." why? 'cause i didn't think that this business, which is again cerner is doing as well. this turned out to be a bust. i don't want people to come in, even at $9. >>> a lot to cover, individual names we have not gotten to yet. when we come back, as we said, ice and the euro next up sharply after the big deal announced this morning. stay tuned for a first on cnbc with both of those companies. >>> and shares on a roll since the parent of caldwell banker and century 21 went public two months ago. we will talk to richard smith about the housing recovery and what is at stake for his company. the opening bell is coming up next. don't go away. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. ♪ [ male announcer ] this is karen and jeremiah. they don't know it yet, but they're gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. >>> welcome back. i don't know if you can see the opening bell balcony there, that is snoop pand live dogs as we welcome p & g. looks like a schnauzer, a small labrador. >> [ inaudible ]. >> they spend on their pets. one name we have not mentioned yet, bed bath & beyond, sales fall short and sandy keeps getting blamed. >> it is decelerating. people feel it is amazon or sandy. now getting cheap. 55, 56, i would not sell it. i feel like in the end, [ inaudible ] [ bell ringing ] there they are, at the opening bell. top of your screen is the s & p 500. down at the exchange, pet care brand u can tube in ba and canine companions for independence providing highly trained dogs for people with disabilities.ompanions for inde providing highly trained dogs for people with disabilities. >> intercontinent, ice, a day -- what happened? there's a dog up there. >> what's the question? >> we used to -- the bell used to be big companies ringing. i mean, is this an anachronism, david? >> you want to come back to this? >> 200-year-old company gets bought by a 12-year-old company. is mr. mcdonald there? i don't see him. maybe is there a little irony here, going for an ironic touch. >> looking for significant cost savings in this merger. we have been saying 450 million. we take a look at dogs. 150 million of that is inclusive of cost cutting under way at the nyse, part of their plan to cut $150 million in costs. as for the floor, i leave it to you to determine might be the best. we can ask both men, do seem committed to maintaining the operation of the floor of the new york stock exchange. >> behind you. >> there is some headlines also from ice. the equities business will provide solid earnings and good cash flow. there it is again. reaffirmation they are committed to the cash equities business, which is good news for everybody down here. >> dow jones, tremendous upside seen for stock trading. >> yeah. the operating margins, ebidta margins for both of these businesses, man, lucky to have them. still 50% of margins for the nyse. still a hell of a business. >> i agree. >> interestingly, cme group, still number one, combination make it a distant number two. cme is higher today as well. so, not too much of an impact. >> trying to keep up with all the stories going on, supposed to be a holiday period. >> other acquisitions we talked about, arris group buying up -- >> a huge story. >> from google. arris 52-week high in today's session on the back of this acquisition. they are the acquirer. they are up more than 7%. fascinating how the deals are translated into the market. >> issuing 15.7% of arris will now be owned by google because they are not just buying this with cash. >> no. >> they buying it with stock as well. the purchase price alone in excess of arris' market value. >> $1 billion in excess. >> overall price tag. you can start -- take the 14 billion that google paid for motorola mobility. now we can take it down by 2.3. >> what's interesting, david, over and over again, you swhad is google doing with a set top box? >> now we know. >> the answer, getting rid of it. >> oracle and ehlo kwa, acquiring ehloey, 871 million. you look at ehlo quarks wept public in august at 11.50 t is going out at 23.50. a timeframe of, what, a few months? >> certainly better than your cd during that period. all the e-companies that oracle had, incredibly good conference call. oracle a great acquirer and going to be, again, people will raise numbers, oracle. >> i will lumalumme minute nah. it is a 52-week high, up by 6.25%. >> just okay. >> private equity going to china. i guess they are into private equity. do they have carried interest thing in china? >> all carried interest. >> the whole country is carried interest. >> all state-owned enterprise carried interest. >> retail, jim, is among the laggards today. bed bath the worst performer. mentioned that earlier. kohl's, macy's, target, penne, game stop, nordstrom. des started off a little soft. if claims spike up a bit, maybe the month doesn't end the way some people wish it had. >> gift cliff, way too warm, natural gas, what was the statistic you gave, an anti-retail statistic. >> about new york city? >> yeah. >> 2012 on track to be the warmest on record. average temp, i think 57. 57 degrees. >> i don't wear north face when it is 57. >> our ugg boots. >> i think north face -- >> i don't wear ugg boots in any season. >> but do you have a combination of sandy taking out a lot of november, warm weather, what i call the gift cliff, falling off the gift cliff. we need some cold weather between now and next week. just -- >> coat sales? >> no, because clothing sales, remember if you are a department store, you take in all of these warm coats, you're going to have to discount them, sweaters, discount them. that's whyry think these things -- >> yeah. the plain states are finally going to get some snow. chicago, michigan, all those midwestern states, now bracing for a big storm but come a little bit late. >> global warming. that's what people are saying. >> let's check in with bob pisani here on the floor this morning. bob, have you met snoopy yet? >> hey, no haven't met snoopy. everybody here distracted, i think a little news everyone is talking b try to answer issues, people want to know what is going on here. the deal reflectsed diminishing value of the stock trading business and the higher value of the derivatives business. when i say diminishing value, remember the nasdaq ice bid that happened in april 2011? 4253. today's deal, 3312. that's not lost with anybody. a higher p, market cap here. what is going to happen to the stock trading busy in know what they are saying what is really going to happen? a lot of the betting, they will spin off the european part of the cash equities business, retaint u.s. part. however, that does not mean that in the future, you couldn't having? happen. you couldn't spin it off, ipo it in the future, even having current management retain control of that, a completely separate entity. some of the things talked about. what would be the possible buyer of the cash equities business? you think about it, a direct edge, competing exchanges. they want listings, said so. i can't imagine they would get the money to do that i think that would be a problem. the other obvious wires, the london stock exchange and, of course, the deutsche borse. all this is all still floating around here. answer a couple other questions, are there fewer players thought? it is a combination irk not a consolidation. ice is not an equities exchange. but it will definitely help the valuations. remember all of this consolidation, this wave of the consolidations a year, two years ago, a grinding halt when they fell apart. the singapore australia deal fell apart, nasdaq, ice deal fell apart, nyse deutsche borse fell apart. all the problems with regulators caused the deals to stop. now speculation that this will help overall valuations of these exchanges and you may start seeing some more consolidation going on. that's, i think, the one side effect we are going to see here. what is the world going to be like right now? i think you are going to find intensified competition between the new york stock exchange and the nasdaq. for the nasdaq, for nasdaq, this mean a lot of opportunities. going to have an angle to argue that they have for years that the nysself. a dinosaur. see, they are moving in our direction anyhow. let's come with us and i think that's going to represent an opportunity for them. remember the nasdaq just acquired thompson's issuers service platform, a big thing. they provide press releases and investor relations tools for companies, a big thing, moving to compete heavily with the nyse on that front. how about the impact on individual investors in look, obviously down here, a good deal for individuals who are owning the nyse stock, average investor, i think the impact will be minimal. the bottom line here is company deal right now, most people here, just from a business point of view, view this as an excellent deal. guys, back to you. >> thank you so much. >> good morning, jim. >> of course, everybody has been handicapping the selling that ensued and was sped up some extent with the conventional wisdom of a hawkish fed statement t has mod rated. >> the highest yield close on a ten-year 1.82 on tuesday, this move, still fell short by about four basis points of where the ten-year closed out last year around 187. so, you can see the chart, but here's what is fascinating. if you look at a one-month comp between our ten-year and the bund, that is rising. the bund rates are stubborn with the rates moving higher leads me to believe and confirms in my mind anyway that it is more of a year-end convenient. think about mutual fund flows this country, fixed income and equities for 2012. all about the dollar yen, the bank of january two-day chart shows you as their decision was coming out, you see what the currency did, it really rally i had the dollar -- the yen rallied quite strongly. put perspective on t you taupe up to march we will, at the highest levels since april. wow, that's big. however, remember they are an export economy, not runaway from weakening the currency, that is the whole point, open up to a 20-year chart, boy, does that change the dynamics. . that would lead one to think, the dollar rallied quite a bit, probably a bit more room on this trade from a longer term perspective. melissa lee, back to you. >> thank you. >>> coming up you can how will the merger deal transform the market landscape? we will speak to ceos in an exclusive next. >>> we head to break, look at this morning's early movers. ♪ ♪ [ engine revs ] ♪ [ male announcer ] oh what fun it is to ride. get the mercedes-benz on your wish list at the winter event going on now through december 31st. 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[ male announcer ] lease a 2013 e350 for $579 a month excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app. >>> welcome back to "squawk on the street." snoopy's over at the nyse. here at the nymex, watching gold, started a bit higher overnight. gold has sort of been acting in opposite reaction to the progress or lack of it on the fiscal cliff, but things turned down once again after we got that data this morning. interestingly, the performance for gold for the quarter earthquake the worst since the fall of 2008. and there are reports on reuters citing unnamed sources that that is having an impact on paulson's funds and he is seeing liquidation because he is so heavily weighted in gold that his hedge fund has performed poorly. as far as the rest of the commodities complex, seeing a move back, a number over these commodities are technically weak. copper trading below both its 50 and 200-day moving average. silver on track for a sixth day of decline. finally, talked to the folks at cme to try to get a reaction from them with regard to that ice nyse deal no comment from the cme group. carl, i can tell you that certainly is the talk of the day here on the floor of the nymex and a lot of folks say it is a very impressive move on the part of ice. back to you. >> talk of the financial world. as far as gold goes -- >> interesting, already the apocalypse in new zealand and yet gold is plummet egg. does not make sense. six in 60, six stocks in 60 seconds. >> key assets, 6 billion, the balance sheet and make it better, but lost 31% of their production. >> paychecks missed on revenue. >> the company on tonight. does have a 4% yield. paying to you wait for a turn in the economy. don't have one. >> barclay's buy on home away? >> people understand this is bed and breakfast.com. i know this because this is a principal source of all our bookings at my inn in summit. >> black rock, jpm black rock? >> yeah, there is a tremendous amount of money coming to these funds because of the change in the fdic rules, i think an inexpensive stock. >> merck? >> a terrific statin drug, people looking forward to them doing this statin combination, not going to be applied. a lot of people take statins, a big move to keep cholesterol longer. >> jay bill? >> have them on tonight. maybe it is back, contract manufacturer, they are doing demand manufacturing and a duel on health care now. kenny main. >> mad later, you are not going anywhere, right? >> right. >> stick around. coming up, ceos of the nyse and euronext on their big deal. ♪ [ male announcer ] you build a reputation by not breaking down. consider the silverado 1500 -- still the most dependable, longest-lasting full-size pickups on the road. and now we've also been recognized for lowest total cost of ownership -- based on important things, like depreciation, fuel, and maintenance costs. get 0% apr financing for 60 months plus $1,000 bonus cash. plus trade up for an additional $1,000. from outstanding value to standing the test of time, chevy runs deep. >>> welcome back to squawk on the street, joined by jeff sprerk, ceo of intercontinental exchange and duncan niederauer, ceo of the new york stock exchange. a cash and stock deal worth roughly $33, a bit more now, per new york stock exchange shares, given ice shares are actually up. gentlemen, nice to have you here on the floor. duncan, let me start with you. >> sure. >> my understanding is mr. sprecher approached you a number of months ago, conversations began. when he approach ready you at the time, give pun the previous history where you have been part of the potential hostile for the new york exchange, why did you say, all right, i will talk to this guy and what were you thinking when the approach was made? >> a lot of questions in there first of all, we have known each other for a long time. we like each other and i think our attitude is business first, right? so it was business last year. i understood why jeff was doing what was doing. he understood what we were trying to do we have been friends, we stayed friends and if we put our shareholder value creation hats on, this was an easy discussion to have, right? we always thought we would be good partners for each other and the timing was finally right. so this is very friendly. >> why was the timing right? >> i think from our point of view, the timing is everything in all this stuff, right? we both tried in the last 12 to 15 months to do other things to change the trajectory of our companies, they hadn't been successful that doesn't mean you shy away from continuing to try and we thought the complimentary nature of the two portfolios this is something we have talked about on our board a long time as a possibility. when it was spreentd, it was pretty easy to digest. i think in the environment we are in now, where scale continues to be an imperative and both thought consolidation was inhe have jet table, why not team up and see if we can do it? >> your share holders are rewarding you you the stock is actually up. but there are questions, jeff, about your multiple given what may be sloezer growth as a result of this deal. how do you answer those? >> well, we are a growth company in the way we act and the kind of share holders that hold us. and what we see is a tremendous amount of value that's inside the new york stock exchange. us to, we are looking at equity trading that's at, you know, recent historic lows. we see a lot of money on the sidelines that's waiting to come back in once we have better policy, once we have a little more certainty in the world. we see we are in a zero interest rate environment and interest rates a big part of the trading. >> interest rates a big part of this deal in some ways why is that? >> because if you look at sort of the largest asset classes, the trade, in addition to stocks, many people don't realize that interest rates are traded a lot. obviously, hearing about libor in the news these days, i can liquidity policies going on keeping interest rates low but people will have to manage interest rate risks as those interest rates rise. we want to get ourselves positioned for that what we think is an eventual growth and take advantage of it. i'd said on my call with my share holders this morning, we want to spring load this company as these trends come back into the market, we can really accelerate. >> what does that mean by spring load egg? >> we have got to get ourselves organized, we have got to plan how we can come together. we have been working quite a while on how these businesses could join each other. we think we can affect that pretty quickly. as you know duncan quite well, he's straight shooter, we have been able to really lay out a road map that we think that we can affect so, this isn't a merger where we are hoping that certain things will happen. we really have a strong plan how we are going to take costs out, how we are going to integrate the businesses, how we are going to be prepared for the next business cycle. >> i know jeff as well, a pretty straight shooter, duncan. they have done an awful lot of deals and a lot of companies we hear about. integrating deals is very, very important what gives you the confidence on their past deal making you acted integrations they have done that this can work as well? >> i think it starts always with people. i think the track record is interesting and both of us i think certainly is a good track record of integrating businesses. i think the challenge is it starts with people. if the two of us believe and we have the same plan and we cascade that to the people, which we have already done, you're not going to find a lot of daylight between the two of us. we have always thought consolidation of the derivatives platform is important. it solves a big, complex issue for us on the clearing side to combine our interest rate complex with ice's largely energy and commodities platform and we are both very committed to keeping the nyse floor, keeping the nyse brand, continuing to have new york be one of the focal points of the company and going to be like any other multinational company. going to have a big presence in a lot of places. give than the two of us are on the same page, i'm not worried about the integration risk at all. you agree with that? >> totally agree. >> confident you can get this thing done? atlanta, new york, which is it really going to be? where is the real power of this company going to lie? >> first of all, ice has a very big footprint in new york. i happen to live in atlanta but i'm here every week. so, we run a global company -- >> you do know this is the financial capital. >>> it s and if you, by the way, ever want to own -- >> no offense toal. >> you ever want to own a brand in the financial services industry, this is the brand. and i do come from atlanta, where coca-cola and home depot and cnn and other strong brands reside. and so i realize the power of a brand. >> what gives you the confidence? by the way, a $450 million cost synergy number is what you are using, includes 150 million you have got under way, correct? 300 million is the real number, cost synergy? >> i think in fairness, we are looking at what duncan and his team are doing and we have -- we can rejigger some of the parts and things that they are doing to make it much more certain at that 150 that they are already working on will come out of the deal. so oh you know, in fairness, i don't think the market has rewarded nyse euronext for the cost savings that they have planned. i think as we articulate how we can do that together, the market's going to see that these are actually real and can come out quickly. >> how many job cut russ we potentially talking about, duncan? >> we know we are going to be asked that lot. you think about it coulds because of the complementary nature of the portfolios, ice isn't in the businesses that we are standing in the middle of right here. so very little in that business. ice isn't in the businesses of the european equities business. so, you would assume a lot, i said to my own team this morning, obviously combining you the two derivatives platforms in europe, a cost takeout there the 150 we have already got and a lot of the other things comes not so much from job cuts but, for example, we don't need two boards we don't need two auditors, we don't need two this, we don't need two that. you will find a lot of the corporate costs will naturally fall out as they would in any merge. i don't think you're going to hear us talking much about job cuts, particularly over here, because it is not going to be about that. and i think that's -- i think that's -- that's an honest assessment of where we are right now. >> you agree with that? people here shouldn't be worried? >> shouldn't be worried. in fact, they should be thrilled. we are going to really use this now as a center of the brand of what we have. this is the most important brand, the most important business in the trading space. very few of your audience probably have ever even heard of my company, frankly. nobody has not heard of new york stock exchange. so we think just that alone will help open global opportunities for us that ice hasn't -- >> called the combined company the new york stock exchange? >> we don't know what the combine is yet. >> the names. you guys -- >> we did this -- >> put our pencils down about an hour ago. >> gentlemen, i appreciate your time. thank you. jeff sprecher, duncan niederauer, send it back to you you carl. >>> philly fed, existing home sales and lei, breaking news on all three economic reports and the market reaction at the top of the hour. lt minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? 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[ all ] i'm with scottrade. >>> welcome back to "squawk on the street." we have december, the last three of the year on philly fed that manufacturing activity, a big surprise. looking for down two or three ended up with up 8.1. that is the best read since april. if you look at the entire year, the range was minus 1660, that was june, the weakest. the best was march, up 12 and a half. now, look at leading indicators that is a november number, spot on with the negative expectation minus .2 and indeed it is minus .2. we didn't see a whole lot of movement on the equities on the interest rates based on these number bus philly fed is a good way to finish up the year, at least on that index. now going to toss it back to carl. >> a lot of information there. >>> increasing home sales jumped 5.9% month to month in never, well above expectations of maybe 2% gain. seasonally you an annual rate of 5.04 million, from a slightly downward revised october 4.76 million. the 17th consecutive month of annual gains. sales are the highest now since november of 2009, but that was a blip due to the home buyer tax credit expiring. take out that one-month blip, the highest sales pace we have seen since july 2007. slight gain due to a low inventory out west. speak of inventory, 2.03 million homes for sale nationwide, down 3.8%, month to month, 23% a year ago to a 4.8-month supply, the lowest since september of '05. that is good for prices. the median existing home price in november, 180,600. that is an increase of 10.1% year-over-year. but remember, this big jump is due largely to a change in the median mix of homes selling. sales of homes over $750,000 up 50% from a year ago. sales of those under $100,000 down 4% from a year ago. so again, the big jump, 5.9% month to month in november. guys? >> thank you very much, diana olick. we should note that the home builder stocks made a little bit of a turn around on those numbers. get reaction to those better-than-expected existing home sales numbers. bob pisani joins us now with the man who runs the big pest real estate firm in the united states. >> rich and smith. thanks very much. chairman, president and ceo of realology. thanks for joining us. you are in your headquarters in parsippany, new jersey. must be a happy man. good numbers here. sales highest since november 2009. price is up. your reaction? >> bob, these are very good numbers. again, a clear indication that we are in the early stage of a housing recovery. they are very, very strong numbers. >> particular lynn ceased with the increases home but study home price. still something like 10 million homes under water, they have more on the mortgage than the home is worth, but this has got to be very helpful. eventually the 10 million homes come down, continue to see the price increases. is that correct? >> that's correct. in fact, in core logic, a data service for real estate, in their september report, they indicated a 5% increase in sales price would relieve 2 million homeowners of that negative equity position. presumably, those 2 million home owners can come back into the market as inventory, indicated by danni idiana, a natural part correction process earthquake not a surprise to us. demand is outstripping supply and price is responding to that. so, this is as it should be if you are in early stage recovery which we strongly r. >>> a modest rise in prices, richard, maybe 5%, of those 10 million homes, significant portion may go in the money that would be helpful, would it not, for consumer sentiment and people's attitudes in general? >> yeah, they are cleaning up their balance sheets. i think that's important again, for a 5% increase in average sale price, 2 million of that 10.8 would come back into the market. they are no longer a negative equity positions, they can sell their homes. consider out of the 10.8 million, that ranges from being underwater in equity flat to 25%, 5% increments, the vast majority of those home owners are going to go back into the money and be available for inventory in the not too distant future. >> distressed homes still about 25% of all sales, my understanding, richardsome that continuing to come down? it was in the 30s a year ago. what's a number that you think we are going to attain in the next year or so? >> i think distressed sales i think are a little lower than that around 22, 23% of the market. that's going to continue to decline. there are fewer homes that are in distressed positions. i think it will revert to the norm at some point, which is about 5 to 6% of the market. >> mr. smith, a quick balance sheet question from me. i mean, you know, you're upped by private equity until not that long ago. average cost of interests i think is in the mid-7% range s there an opportunity you see to refinance some of your outstanding debt and if so, what will that do to your ability to generate cash? >> you're right. we reduced our debt by about 40%, our interest expense by about 50% at the ipo. there are no near-term maturities we need to worry about our cost of funds is about 7.8%. there will be more than adequate opportunity in the future to refinance. again, as you heard in our ipo, our primary goal is to pay down debt and i can say that three times 'cause that's the emphasis we have placed on paying down debt. so that will come in due course, but again, there's no near term maturity problems for us. >> can you give us a senses as to your leff ram to home prices, for every 1% increase in home price, for example, what does that mean for the company's cash flow? >> that's an interesting question. 1% either size or price, cause we are paid on the average sales price. we are paid on sales volume. we have indicated in the past that ranges from about 11 to 12 million at the ebidta line, fairly mature. >> can you give us some indication what, if any, affect has sandy month northeast? talk about mortgage rates in 2013? we have seen bond prices come down in thes last month or so, that might lead to an increase in mortgage rates in 2013. >> they are extraordinarily attractive now. that has given try the sales activity we see now. people are i'llizing the rates aren't going to be here forever. the mortgage rate front, very good shape this year, i assume very good shape next year. as to the hurricane, we were very concerned as most businesses in the path of the hurricane, it has not had an impa impact thrust far. we were very surprised both on unit volume and also price. we expect there will be a delay and a deferral of closings so it is about probably going to be timing at the end of the day. the exception would be homes destroyed. >> any comment -- we have to let you go comment on your stock price, up 50%, one of the winner ipos this year? >> we are very thankful. we try not to pay attention to that focused on the revenues and earnings and let the market determine what the price will be. we are very pleased. >> richard smith, thanks very much. appreciate you joining us. >> thanks, bob. >>> right after break, a double dose over storms are brewing. talk the latest round of fiscal cliff negotiations and winter storm. how do that affect your holiday travel plans? >>> still ah
PBS
Dec 19, 2012 7:00pm PST
its own. suzanne pratt, "n.b.r.," new york. >> susie: our "nbr-u" partners at wharton have new research showing how accounting for government loan guarantees, like the one given to g.m., is impacting uncle sam's bottom line. you can learn more on the web, just head to: www.nbr.com and look for the "nbr-u" tab. >> tom: look for the dirt two fly in coming months. permits to build new homes in the u.s. shot up to more than a four-year high last month as actual home building slowed down a bit. housing starts fell 3% in november from the month before, but it has been a strong recovery, compared to a year ago, housing starts up 21.6%. the building permit, jumping 3.6% in november, up to their highest level since july 2008. martin connor is the chief financial officer, and he joins us tonight from pennsylvania. marty, welcome back to n.b.r. have you been out there increasing your building permit for next year? >> tom, it is great to be with n.b.r. i do think we are increasing our permits. we've seen dramatic increases in our sales through the first four quarters of our year, all four
PBS
Dec 19, 2012 4:30pm PST
in new york today hosted by johnson controls. this wisconsin-based industrial conglomerate is a leading provider of products to make buildings energy efficient, and it's also the world's largest maker of car batteries and automotive seats. c.e.o. stephen roell told me he's worried that uncertainty about the fiscal cliff could hurt consumer confidence, and his business. >> we don't do that. as the consumer, i products to costumers like the big three, that in turn sell to the auto industry. my biggest concern is how it will affect the psychology of the consumer. i've been surprised, susie, that people continue to buy automobiles. but my fear is that could change dramatically. >> susie: steve, to what extent are the ups and downs impacting your business day to day. >> i think people are holding back on making captain investments. i see that particularly in the building side. from m stdpoit, i continue to invest around the world. i'll invest to make sure i'm buying the strategies we laid up for the next three years. the question is what it will do, depending on what the outcome is,
FOX
Dec 20, 2012 7:00am PST
has been sold, we have a live report from new york and stay tuned we will have all the details. >> reporter: we're live in san francisco where an an arson investigator is on scene trying to determine the -- where an arson investigators -- is on the scene trying to figure out what sent a firefighter to the hospital. >>> the new york stock exchange has been sold. what it means for investors and the u.s. economy. >> reporter: a grandmother gunned down near her house. >>> a very cold start to the day. coming up, the neighborhoods that are currently in the upper 20s and when rain returns to the forecast. "mornings on 2" starts right now. >>> well, good morning to you. welcome to "mornings on 2." i'm dave clark. >> good morning. i'm tori campbell. >>> it's thursday, december 20th. we begin with breaking news out of san francisco where a firefighter has been taken to the hospital after a fire. lorraine blanco is live on broad street with the information on the firefighter's condition and how muni service is being affected. >> reporter: good morning, tori. i can first tell you that an
CNBC
Dec 20, 2012 6:00am EST
plaquerock unusually today. peter joins us from the jeffries trading floor today in new york. peter, you have a lot of different scenarios, but the most likely scenario that you think is that the blackberry fails, there is no acquisition on this and the cash firm continues? >> yeah. we think it costs about $1 billion to launch these devices. if successful, we think an access possibility goes up. if not, we see the company become much, much smaller a year from now. >> how do you measure success? and when we we know on this? >> we'll probably know around around/may next year. success would be call it 3 to 5 million units in the first quarter out of the gate and 5 million units plus after that. to us, that would be a very good launch. >> for anybody who is actually a blackberry user still, what do you say about these things? if there's a takeover, does that mean blackberry continues? what's the long-term outlook for the company? >> i would suspect that if you're a blackberry user, there's very little chance that your service is going to be cut off. that is a key cash flow driver for th
CNN
Dec 20, 2012 4:00am PST
. tebow obviously not very happy. the "new york daily news" is reporting he is going to ask to be traded. not exactly a ringing endorsement or anything from rex ryan. i mean wow. >> nothing. can we just acknowledge the craziness here? we're talking about a football team that is 6-8 and is not going to go to the playoffs this year for the second consecutive year but the jets are the story and it's because of tim tebow who is this intensely polarizing player who electrified the country as a member of the denver broncos. >> do you think he's asking to be traded? >> i think that's definitely a possibility. i think mark sanchez, who is the other jets quarterback being passed over here, he could also be gone. there's a lot of turmoil. >> why are they not using tebow? there was this gigantic fan fare when he came in and i don't think in terms of playing he was a star, but certainly in terms of what he could bring for the team he was. why is this not the opportunity? they're losing anyway. >> of course. you'd think a team like the jets, which has always been into doing crazy things would
CNN
Dec 20, 2012 6:00am PST
, believe it or not, it's a rain maker for new york, philadelphia and washington, but then that moves out by tomorrow afternoon. >> just so i make it home to see mom. >> you'll get there. >> i hope so. thanks, alexandra. >>> two state department officials employees of hillary clinton are testifying right now before the house and senate committees after that blistering report on exactly what went wrong in benghazi, the committee headed by thomas pickering and admiral mike mullen. admiral mullen had this to say. >> while we did not find that any individual u.s. government employee engaged in willful misconduct or knowingly ignored his or her responsibilities, we did conclude that certain state department bureau level senior officials in critical positions of authority and responsibility in washington demonstrated a lack of leadership and management ability appropriate for senior ranks in their responses to security concerns posed by the special mission. >> a total of four senior state department officials have either resigned or placed on administrative leave in the wake of this r
LINKTV
Dec 20, 2012 3:00pm PST
power. >> in april, the new york times revealed how wal-mart's leaders hushed up evidence of widespread bribery by the largest foreign subsidiary. now the times examines the relentless campaign of bribes behind wal-mart's most controversial store in mexico, in the data supermarket built in the shadow of a revered cultural landmark, the ancient pyramids of teotihuacÁn. >> one in five walmart stores are in mexico. walmart is mexico's largest private employer. we will speak with pulitzer prize winning journalist david barstow of "the new york times square and all of that and more coming up. this is "democracy now!," democracynow.org, the war and peace report. i'm amy goodman. six more victims of the newtown massacre were laid to rest on wednesday, four children, a teacher and principal of their school. the teacher, 27-year-old victoria soto was credited with saving half of her classroom by hiding the children in a closet and then telling shooter, adam lanza, there were in a different area of the school. the principal, 47-year-old dawn hochsprung, was reportedly shot dead after lunging at
PBS
Dec 19, 2012 4:00pm PST
from new york. a is by words and -- by far the worst offender, but it is not the only one. can we expect more revelations? >> we can expect more. a dozen or more involved in one way or another, and u.b.s. was working in concert with a number of brokers, so this is a huge scandal, and so far we have only had the dell's from two banks -- barkley's and u.b.s. and -- had details from two banks -- barclays and u.b.s.. what we thought was a scandalous tale, u.b.s. is making it look like nothing, so who knows what might be coming next? >> we hear a lot of jargon, but what does this mean for us? what impact does it have on our ability to get mortgages and car loans and things like that? >> basically none. the manipulations were small. traders would make for a rate go up or down a bit, just a few hundredths of a percentage point. that could make millions of dollars in trading. , so what they did is they made your mortgage a little bit more cheaper or a little more expensive. it probably even out. in the end there was a systemic attempt to lower interest rates, so if you were a borrower you
NBC
Dec 19, 2012 11:00pm PST
particular way of celebrating sweets, especially new york. they have one festival dedicated to one sweet in particular -- chocolate. ♪ the mayans' offer to the gods, willie wonka made a river out of it and we can't stand to get enough of it. chocolate. the 15th annual chocolate show, the finest chocolate people from around the world gather to share their heavenly creations with us mere mortals. >> it's made for chocolate lovers by chocolate lovers. it's best to come if you love chocolate, sweets. if you want to spend your day eating chocolate, you have to come here. >> i came to the new york chocolate show with my family every year for, like 15sh, 15 y. >> i'm going to real really find the purest dark possible. >> some of the best chocolates from around the world. >> it's like a dream in your mouth. >> to the world at large, chocolate is one of the most popular sweets. and for these vendors, making delicious use of chocolate is a way of life. how important is it to the sweet community? >> it's great exposure for the large manufacturers, and also, like, the little private boutique vendors.
Current
Dec 19, 2012 11:00pm PST
me from new york. thanks for coming inside "the war room," mark. >> thank you for having me. >> jennifer: i know you have on the air a lot because of the tragedy last week. i'm curious about the policy arm of your organization and what can be done on the state level. many states have or are introducing laws to allow more concealed weapons in public schools, for example. what is your organization doing at this point for that. >> going to the states is one of the many paths to victory to this issue. one of the paths was actually shown in michigan -- your own home state. so you have a very republican governor there and the nra was on the path to pass two really bad bills, one would eliminate background checks for concealed weapons, and the second would allow concealed carrying in places like day cares and schoolyards. and in a matter of weeks the nra had both of those initiatives completely reversed. we beat them on the first one, after the connecticut shootings the governor vetoed the bill and he should have. so the nra is on its heels at this point. >> jennifer: this weekend
CBS
Dec 20, 2012 4:00am PST
country. new york, sunny, 46, chicago, 46 degrees. sunny in dallas, 52. mostly sunny, no surprise, in l.a. 66 degrees. >>> let's check your national forecast. alerts stretch from kansas through michigan as major storm brings blizzards, severe thunderstorms and damaging winds. expect thunderstorms in the gulf coast states and cooler temperatures in florida. in t northeast sees rain tonight with a wintry mix in new england. a storm moving ashore in the pacific northwest and november california is creating heavy mountain snow and coastal flash flooding. hmm. that was almost not the word i said there. >>> "cbs moneywatch" on your thursday. a gm buyback and big bargains for last-minute bargain shoppers. save me, ashley. >> was a slippery slope there. good morning to you. it triggered profit taking. tokyo's nikkei dropped 1%, while hong kong's hang seng added a fraction. >>> hope turning to frustration over congress's ability to avoid a fiscal cliff sent a chill down wall street. the dow dropped nearly 99 points while the nasdaq shed 10 points. >> the u.s. government is selling its stake in
CNBC
Dec 20, 2012 12:00pm EST
that violent storm sandy. 700,000 or 800,000 homes destroyed in new jersey and new york alone. when irene struck, we acted very quickly. we didn't look and say, well, let's see, alabama has two republican senators, mississippi has two republican senators, texas has two republican senators -- >> while the political ping-pong in the nation's capital continues, senate majorities lead are reid says we're not going to take up the bill, calls it a nonstarter. and the plan b vote could come at any time. stephanie, what the heck is going to happen here? you're getting more of the same out of dc. >> i think the market will continue to be volatile. you'll continue to see this political jockeying. and you either have trade this by it minute or you have to take along are term approach and you have to focus on the fundamentals of the u.s. economy, global economy and company specifics. >> i think there's a plan c that allows to extend the middle class tax cut for those making $250,000 or less. and we angsed the amt question as well. there is this plan c and i think you fall back on that. >> the w
MSNBC
Dec 20, 2012 12:00am PST
starts right now. >> good evening, americans, and welcome to "the ed show" from new york. wants new gun laws, right now. this is the ed show. let's get to work. >> we're going to change things. it's going to take a wave of americans, mothers and fathers, daughters and sons, pastors, law enforcement, mental health professionals, and yes, gunowners standing up and saying enough. >> the president lays out the way forward for sensible gun policy. so why are no republicans getting on board? i'll ask congressman jerrold nadler. >> at some point they have to take me out of it and think about what is best for the country. >> the president served up painful cuts, and republicans are literally running away from the table. >> hey, mr. speaker. >> congressman steve israel reacts to the gop's bizarre behavior. plus, today's big gm news means the death of a righty talking point. >> government motors. >> government motors. >> government motors, david cay johnston on a huge success story for government intervention. and the invisible man sitting next to clint eastwood wins time's person of the year
PBS
Dec 19, 2012 11:00pm PST
spoored by roseommunications from our studios in new york city, this is charlie rose. >> rose: george osborne is here. he is britain's chancellor of the exchequer. he has been called the austerity chancellor. he continues to lead the increasingly controversial austerity pross. in a piece called "god sieve the british economy" in the upcoming "new york times" magazine adam davidson writes "in the past two years the united states has experienced a steep downturn followed by steady though horrendously slow upturn. the british economy, however, is profoundly stuck. the u.k. has been put on negative watch on three largest credit rating agencies. the european union is britain's largest trading partner, europe's economy remains on prepares you footing despite several months of relative calm and there's a growing debate abt whher e u.k should lead the e.u. earlier this month we covered the "economist" magazine read "good-bye europe, look what happened when britain left the e.u. " i'm pleased to have george osborne back on this program and back at this table. >> thank you very much. >> rose: y
MSNBC
Dec 20, 2012 3:00am PST
respect to newtown was when i g-chatted my fellow editor in new york to plot out coverage, and we knew exactly what to do because we had done it three times before. it had gotten so routine and so disturbing to us and i'm worried i'll be writing the same story. >> we can't desensitize ourselves to this, though. >> listen, we're not going to. i've heard about '68 as far as what califano said and how quickly we have to move. this is different. the horrors of martin luther king, the horrors of bobby kennedy, the horrors of all the gun violence through the years, a million americans killed. mark halperin, as horrific as all of those murders have been, nothing has jarred americans like what happened last friday. it just hasn't. americans aren't going to forget this. >> they're not. >> they're not going to forget this, and they're expecting action. you worry, again, if republicans and democrats can't come to an agreement on rounding decisions for ten years, how are they going to address the bigger issues? >> well, we don't really know how the fiscal cliff's going to play out, but i'll tell y
ABC
Dec 20, 2012 7:00am PST
delays. as the system moves east on the weekend, even new york and boston will have delays from this storm. and then we'll talk about the west when we get back with the rest of the weather. it is a messy next couple of days. >> real sloppy. sam, thanks very much. >>> we'll get the latest on that fiscal cliff. down to 12 days before everyone's taxes go up and every government program is cut. and that is a little more likely this morning, with private talks frozen and both sides blaming each other for the breakdown. abc's jonathan karl has all this from washington. all of the focus on speaker john boehner's fallback plan, what he is calling plan "b." >> reporter: that's right, george. talks have got son low, i would say this is the low point, that boehner is moving ahead with the backup plan that the president so opposes, he says he will veto. under plan "b" most of the tax cuts will be extended for those making over $1 million. for those over $1 million, the tax rates would go up. this could do nothing to address the issues. like spending cuts and the debt ceiling. democrats are calli
ABC
Dec 20, 2012 5:00am PST
to hear both sides. >> reporter: there will be more services today. abc news in new york reports there will be five funerals and six wakes there were nine funerals and wakes, yesterday including knows for a teacher and principal. the shooter and his mother nancy we heard about her concern for her son and his mental health. cnn is reporting the day before her death she returned from a short trip alone to a luxury resort in new hampshire. friends say in recent years she felt comfortable leaving adam at home, unsupervisedded. katie marzullo, abc7 news. >>> -- >>> santa clara county leaders will hold a vigil tonight for the victims of the school tragedy last night members of the bay area sikh community gathered to offer their prayers. after the vigil in fairfield, there was a discussion about issues related to the tradition including gun control and mental health aid. the congregation is inviting peep of all religions for another service sunday tonight's vigil at the santa clara government center starting 6:30. stay with abc7 news for continuing coverage of the tragedy in newtown. yo
CNBC
Dec 20, 2012 4:00pm EST
the floor of the new york stock exchange. stocks higher today on wall street as the close settles out. we see some money coming into this market. investors still hoping for a deal in washington to avoid the fiscal cliff. take a look at how we're settling on wall street. as we saw money moving into equities in the last 20 minutes pushing the dow jones industrial average up to 60 points higher at the close at 13,312 on the dow jones industrial average. nasdaq also finishing in the plus column with a gain of six points, and the s&p 500 up about eight points, one-half of 1% at 1433. closing in on the fiscal cliff deadline still with no deal in sight, let's find out how you should be investing in the face of the fiscal cliff fiasco. we want to dig deeper into the nyc/i.c.e. deal as well announced today, that it means for you and the global exchanges. gentlemen, welcome. thanks soechg for joining us. >> thanks. >> thanks for having me. >> let me kick this off with you in terms of the fiscal cliff. give me your strategy, deal or no deal? >> i think there will be a deal. this plan "b" tha
CSPAN
Dec 20, 2012 7:00am EST
. here is an article from "the new york times." here is a picture of chad knox in ohio. just a little bit from this article -- we want to spend this first section of the "washington journal" asking gun owners only to call in and whether or not they think any of the gun laws should be changed. you can see the phone numbers on your screen. you can also contact us by social media as well. please identify yourself as a gun owner. you can make a comment on facebook page. or send an e-mail. a little bit more from this "new york times" article -- that is in "the new york times" this morning. from "the washington post" -- that is an "the washington post." gun owners only we want to hear thinkwhether or not use iyou gun laws should be changed. caller: i do not think gun laws should be changed. in new york, we are in a quandary still with the assault weapons ban. as a citizen in new york, assault weapons did not drop in new york. they still have their own assault weapons ban. you can have assault weapons in new york as long as they are manufactured before 1994. host: what kind of weapon do you
CNN
Dec 20, 2012 11:00am PST
or two, it will turn into a nightmare. they were headed to new york and switched their flights and scurrying to the gates to make an earlier flight. united is waiving all the transfer fees if you want to make a change. you are running out of time because this will turn to snow very soon. >> ted, we will check back in with you to see if anything changes. let me bounce back over to you in that weather center. you were talking travel. where do we leave off? >> it is rain now going to change to snow and blowing snow and the airports impacted there and the roads as well. they saw already just about ten inches of snow. it's i reporter said it was very treacherous there. they haven't seen significant snowfall since 2009. that doesn't mean no snow, a significant snow. let's go to lambeau field in green bay. that was lightning associated with that snow. >> is that the thunder snow? >> that was the thunder snow. >> what is that? >> the atmosphere is volatile and you get a lot of lift. lambeau field just went down. they are looking at between 10 and 15 inches of snowfall to green bay. i am go
MSNBC
Dec 20, 2012 3:00pm PST
who's been fighting against gun violence and congressman elect hakeen jeffreys of new york. today, he was appointed to the house judiciary committee which is expected to take up the issue of gun control early next year. thank you both for being here tonight. >> thank you, reverend. >> thank you, reverend sharpton. >> father, why haven't we done more to combat gun violence in this country? >> i think the number one issue is the primary victim of gun violence across america, including chicago, is black and brown. and why black and brown continues to be the victim, america stepped back and said that's an inner city problem. so there hasn't been the out rage. this is a human problem. this is an american problem, as you've said, that we ought to be embarrassed by in this country. that we're trying to bring peace around the country, across the world and not doing it at home. and there's not been out rage. elected officials in congress because we've been duped by an nra who has continued to fear us. guns make money. they are making money off the lives of black and brown children. >> cong
FOX News
Dec 20, 2012 1:00pm PST
congress, why these signs could be proving shoppers have already gone overtime cliff. and now to new york city where retailers are not resting. >>guest: well, five days until christmas but who is keeping count? 17 million of us are going to wait until christmas eve to go holiday shopping. can you imagine that? that is according to consumer reports. they also say 132 million of us who have started our holiday shopping have not finished so the retailers are pulling out all the stops to get our holiday dollars, not sure it will work but this is what they are doing. target has last minute sale where they will give you a gift card if a certain amount of money if free if you buy certain electronic dumbs -- items and toys 'r us and macy's are staying open straight, like 88 hours straight. in a row. until christmas day. and best buy is letting you place an order online until 3:00 p.m. on christmas eve if you pick it up in the store. this sun heard of. will it work? we don't know. it looks like the fiscal cliff is about to kill christmas. a survey showed a third of the public is so concerned about the
ABC
Dec 20, 2012 6:00am PST
balloons at birthday parties you are not alone "new york times" reports there is a worldwide helium shortage, the reason a drop in natural gas prices making helium less profitable. new plants under construction in wyoming and overseas are facing delays and maintenance trouble. some party supply stores are turning away customers wanting balloons. others are rationing >> new video provided from airplane manufacturer boeing shows 20,000 potatoes filling seats on a test aircraft, boeing says too)>ly simulate how humans respond to electronic signals from wifi to sport phones. engineers say it avoids filling plane with hundreds of people for long periods of time after the test, boeing donated the potatoes to a food bank. >> sounds like a half baked idea to me. norad saying good-bye to google and hello to microsoft, the santa tracker team will use microsoft's bing mapping service to help track santa's journey around the world for the past five years norad had been using google earth. the partnership broke up when google launched its own competing santa tracking service. >> the tracking sta
CSPAN
Dec 20, 2012 1:00pm EST
good friend from rochester new york, the distinguished ranking minority member of the committee on rules, ms. slaughter. pending which i yield myself such time as i may consume. i ask unanimous consent to revise and extend my remarks. the speaker pro tempore: without objection. mr. dreier: all time will be yielded for debate purposes only. i would like to ask, mr. speaker, unanimous consent that all members may have five legislative days to revise and extend their remarks on this resolution. the speaker pro tempore: without objection, so ordered. mr. dreier: mr. speaker, i was just thinking about the fact that there are 26 letters in the alphabet, and we have had the first three letters used in discussion here on the house floor today. a, b, and my friend from worcester brought up the letter c in talking about this. we have what is so-called letter b. and i'm not doing a "sesame street" skit here. letter b is what we are talking about, plan b, and i think about plan a. plan a is what the majority in the house of representatives has been trying for the last two years to implement. a
KRON
Dec 19, 2012 8:00pm PST
sacramento 99-88 in the fourth quarter it is just underway. and the new york knicks, with carmelo attendee after missing the last couple of teams with a sprained ankle. the first quarter, carmelo at the knee with a sidestep, 70-14, new york knicks and again carl anthony pulls up with a 3- pointer. 31 points, he is averaging 37 points. 100-86 = a new york knicks. the battle of the boroughs. and the stanford women women's basketball team got all it could handle tonight in south carolina. women - #1 stanford at #21 south carolina tara vanderveer and dawn staley hugging before game under 5 minutes left 40-39 stanford alieghsa welch hits the 3- pointer 42-40 south carolina next possession chiney ogumike powers in the layup and is fouled she made the free throw 44-42 stanford under 1 minute 45-45 tie mikaela reuf . with the layup to give stanford the lead for good final: 53-49 stanford >> tim lincecum has a new hair cut. this is really all the we know. meanwhile, thisthis next story is hard to believe a florida 5th grader, standing all of 4-feet-5 inches tall.is starting on the varsity high scho
ABC
Dec 19, 2012 5:30pm PST
was the chaotic scene on long island, new york, today. the expressway cluttered with ambulances. two dozen cars strewn about. it's believed the crash was caused by a tractor trailer striking other vehicles, which burst into flames. one person has died. 18 others were taken to the hospital to be treated. >>> and coming up here, a rope made of bed sheets. two inmates use them to break out of prison, from 17 stories high. how did they do it? [ male announcer ] introducing centrum flavor burst adult multivitamins... a delicious new way to get essential vitamins you need. just bite into the tasty shell... to a chewy vitamin core for a unique multivitamin sensation! new centrum flavor burst. for a unique multivitamin sensation! we've decided to we're all having such a great year in the gulf, put aside our rivalry. 'cause all our states are great. and now is when the gulf gets even better. the beaches and waters couldn't be more beautiful. take a boat ride or just lay in the sun. enjoy the wildlife and natural beauty. and don't forget our amazing seafood. so come to the gulf, you'll have a
SFGTV2
Dec 20, 2012 2:00am PST
staff, working in the 3 largest districts in the country, new york, denver, maine, texas, florida, and the bay area. ladies and gentlemen, please welcome rebecca randell. >> great, thank you, melinda. i'm going to ask you all to come up now. as they get seated i'll say a few words. all these panelists really bring a great wealth of experience and wisdom to what on the one hand is actually a really complicated issue and on the other hand at its very core is somewhat simple. whether it's online or off-line, bullying and harassment or as the teens that we encounter at common sense media often say, drama, it's about power. as you heard the boy on the video say, i'm the big dog. who has it, who wants it and who wants to keep it. i realize this is an incredibly simple definition so i will leave it to our panel to pick it apart and to delve deeper. each of our panelists will have the opportunity to give a brief introduction of who they are and their organizations and after we've done the rounds i will pose a series of questions to eefrp of they will and then you will all have the opportu
CNBC
Dec 19, 2012 11:00pm EST
? >> yeah. >> will we see these things in new york? >> you may see them in new york, but the best example we talked about last time was the pub, the pub idea. >> yes. >> we had that and started out in one and now have 55. turns out people enjoy getting together and gathering and relaxing after work. >> okay. now, you also did a study most recently, a lot of -- a couple guys joked. ask him about whole paycheck and a lot of what i buy at whole foods is now cheaper than local merchants. >> right. we've talked about this. work really hard on our price competitiveness. quality and value, quality and value, it's always a dance. i think we are fundamentally more competitive. and i'm looking you in the eye and saying, hey, we are going to be competitive on like product because we're going to continue to grow the company. >> you have been doing terrific work rolling out private label. >> right. >> is there a balance? some people want to see those branded in the store, they don't want all private label. other people, some of the branded companies, they can't be that happy you're competing d
CNBC
Dec 20, 2012 6:00pm EST
the floor of the new york stock exchange for "squawk on the street" to see this new acquisition dynamic play out. today nyse agreed to be acquired by intercontinental exchange, a new upstart with not even a dozen years of trading under its belt. this went from $24.32 and change, had a fantastic appreciation, which shows you how an icon being american business can be worth much more than it's trading for, providing a competitor gets to acquire it. separate these companies, know what they are? they're part of a dog eat dog unverse of exchanges and an industry with way too much capacity. together they become the global power house that can dominate futures trading. in other words, this is a dodd-frank legislation made me do it deal. it shows both companies are willing to do what's right for you, the shareholders, even our f our leaders aren't willing to do what's right for you, the taxpayers. sadly the new york stock exchange is something that we used to come into a newer company because the equity business, which is its bread and butter, has shrunk and changed dramatically. it's k
FOX News
Dec 20, 2012 2:00am PST
figure out who he was playing violent games with on-line because the new york post shows he likes to play call of duty first person shooter game in his mother's basement where he lived until last friday. >> beater doocy, thank you. >> if you didn't go over board on the christmas shopping you are not alone. sales would not be as good as originally expected. the other business headlines is lauren simonetti. >> good morning patti ann. the frantic start to the hole sdooin ended pretty fast. holiday sales would rise that's down from the forecast of 3.3. super storm sandy and heavily discounted merchandise for their estimate. analysts say the saturday two-days from now a huge shopping day and they can get good deals then, too. >> gift cards usually it's something that you can spend right away but there's a new kind of gift card. there be savings plans for college. shoppers have the perfect gift for the holidays. some people think it's a better way for money to be put to the intended purpose. writing a check to say put this away for college but they end up spending it. >> mcdonalds might be
MSNBC
Dec 20, 2012 7:00am PST
terrorists and wrote about the similarities in the new york times op ed. good morning. >> thanks for having me. >> your piece was titled "what drives suicidal mass killers" and you wrote for years the conventional wisdom has been that suicide terrorists are rational political actors while suicidal rampage shooters are meanta willy disturbed loners, but they have far more in common than recognized. >> they have a tremendous amount in common. underneath it all is the desire to kill and be killed, but really, i point to three major factors, mental illness and suicidal desires, perceived victimization. they feel that their pain is someone else's fault or they've been oppressed and bullied and the third factor is they want attention and social recognition and they want to get that by these attacks and they will get that after their deaths result in fame and glory. >> are their reasons pretty intense and personal. i'm thinking about the other reports that adam lanza who is apparently close to almost no one but his mother that she had been traveling more, there were some reports that she wa
ABC
Dec 20, 2012 4:00am PST
lighter news, it's been a tough week for new york jets' quarterback, tim tebow. not only was he passed over to be the jets' starter in their upcoming game against san diego. word is that he's also no longer dating actress camilla belle. they were dating for less than two month. as for last night's hoops highlight, we get those from espn. >> randy scott with your "sportscenter" update. and we start with two of the hottest teams in the nba. one of them, the clippers, hosting the hornets, at staples center last night. the hornets lost to the lakers there a night earlier. chris paul, inside to blake griffin. one of the worst performances in his career last night. he played new orleans and got some help from his buddies. later, second quarter, cp-3. this time, to deandre jordan. and they don't call him lob city for nothing. jordan, 12 points, perfectly coinciding with chris paul's help helpers. clippers opening up a 14-point lead. later, they're up 13. off the steal, this time, it's chris paul throwing down. the little fella can get up. 11-straight wins for the clippers. that's their
FOX News
Dec 20, 2012 8:00am PST
where john boehner is. jon: you well know, a lot of folks in suburban, new york, long island, people decidedly not in white-collar job, two income couples earning a quarter of a million dollars a year, they are not in the millionaire and billionaire category and certainly don't thing themselves wealthy by any stretch of the imagination. how does the president sell a tax increase on that group? >> you're exactly right, jon. that is where chuck schumer, represents new york, made that case. he said a while ago he would be more comfortable at a million. like i said i thought what would happen we would be compromising somewhere around half a million mark as the cuttoff on the increase in rates. but i don't know. they, both sides seem to be pretty intransient. president at00,000 as the level he would increase -- 400,000. jon: there are questions whether john boehner has enough votes even in the house to get his plan b threw. he is scheduled to vote i understand it. he must think he will win on that score. you're saying that the president would rather veto a tax increase on that highest mil
ABC
Dec 20, 2012 1:40am PST
for daniel barden, who dreamed of becoming a new york city firefighter. hundreds of people waited in lines to pay their respects to sandy hook principal dawn hochsprung, who, of course, died, as she protected her students. just this endless line of funerals. just to see the grief there. >> there have been so many. with 26 victims, i assume we still have some more to go. >> oh, yeah. not done just yet. a few more days of this. i heard of something awful. not to change the mood too much. i pulled this up, too. there was a fake website out there that was raising money for one of the deceased little boys and it came to the family's attention. and they obviously were outraged and rightfully reported to it police. >> it was noah pozner. the 6-year-old little boy. >> before you donate to anything, folks, make sure it's legit, because there is scum out there that would take advantage even of a tragedy like this. >> scam artists. >> so don't believe everything on the internet. >> despicable yet again. >> be careful what you donate to. just make sure it's legit, that's all. >> now a special
SFGTV2
Dec 19, 2012 4:00pm PST
went to christ the king grammar school in buffalo, new york, you would go behind the building and settle your scores at the end of the day and that was an accepted way of doing business. but we're learning and raising consciousness that, no, it's not an acceptable way of doing business. i've had conversations with the mother of seth walsh, of people who have literally taken their own lives and as a father of three, this isn't simply an issue of civil rights enforcement, this is something very personal. because i can't imagine the unspeakable grief that parents must go through. i can't imagine the unspeakable grief in murphiesboro, tennessee, when we talk to the leaders in the muslim community and they tell me my kid doesn't want to go to school today because everybody is telling him, go home, you terrorist. i can't imagine the unspeakable grief in suburban minneapolis when the somali kids are told, you have to go home, you terrorists, get out of our community. they were born here, this is their community. i can't imagine the unspeakable fear in the aftermath of that horrible incid
FOX Business
Dec 19, 2012 8:00pm EST
us, that is it foo us, join us here tomorrow, good night from new york. york. >> unions, i think they could be the death of us, welcome, i am neil cavuto, despite throwing some punches over michigan becoming a right-to-work state, many unions, making sure the other 26 states do not follow. that does not mean that unions have given up on michigan and maybe ball the governor who put this, does wisconsin ring a bell? that is not a surprise. but what is a surprise how they are doing it. this could be the union equivalent of the pledge by enforced by louder and stronger guys. they have no issue, a pledge not to break up unions. never mind this threatens businesses coming to their state or hiring more workers in their state, a lot figure out if they are not union workers, maybe they are knol not real workers,s such edstupid, and dangerous. do you want to know my biggest worry for the new year? it is not a cliff, i think will pass, stubborn politicians see the night. it is be on i union bosses who e their own members because they are fuse on see the light. why not stop? >> why not, beca
CSPAN
Dec 20, 2012 5:00pm EST
republican candidate for president. with that i yield to the distinguished lady from new york, a member of the appropriations committee, mrs. lowey, congratulate her on becoming the new ranking member. mrs. lowey: and i congratulate you on the wisdom that you share with us. mr. speaker, i rise in strong opposition to the bill. instead of putting forth a serious comprehensive and balanced deficit reduction plan, the republicans are taking a time-out so the house can embark on yet another effort to pass portions of the ryan budget. the same ryan budget that would end compare as we know it, walk away from the caps on discretionary spending agreed to in the budget control act and has no chance of being signed into law. our constituents want us to negotiate, agree to a solution to avoid economic catastrophe. i had concerns of some of the proposals that the president made in his negotiations with the speaker but at least the president was seeking a workable compromise. instead they walked away from the negotiating table, given everything our country has been through in the last two months fro
FOX News
Dec 19, 2012 4:00pm PST
report in the daily news out tonight the new york daily news saying that lanza's mother was trying to get him to go out of the house, to get a job. maybe go to school. but apparently she was having a tough time getting him out of his room. that he would lock himself in and play video games. violent video games for hours at a time according to the new york daily news, shep. >> shepard: rick leventhal in new york tonight. the students who survived the shooting there offering scholarships to students who survived the shooting at sandy hook. uconn announced the plan today. the scholarships will go to sandy hook students who chose to attend the university when they are older. school officials also say they will offer the scholarships to siblings of students who died and children of the adult victims. a spokesman says once the foundation officials get a sense of how much money they are collecting the school will then determine whether it can cover full college costs or just a portion. investigators in mexico have now reportedly linked a gun found near the body of a mexican beauty queen t
FOX News
Dec 19, 2012 10:00pm PST
? >> reporter: according to the "new york post," adam lanza spent hours alone, every day in his basement, in a windowless, playing violent games, with posters of military weapons on the walls. when he did emermg from the basement, he was described as sullen and silent. the new york daily news reports that his mother, nancy, had grown increasingly frustrated with her son's isolation, trying and failing to get him to leave the room and interact with others, perhaps go to school or get a job. he was uncomfortable, unreachable and like a ghost, a friend says and nancy reached tout out to a psychiatrist for help. another report says, nancy had planned to have adam committed to a psychiatric institution and the boy found out about it and that's what set him off, the reason apparently that he killed his mother, according to the report and targeted the kids at sandy hook because he was jealous of the time that his mom spent volunteering with the kindergartners at the school. all week, we have seen funerals for students, teachers and administrators killed here, including four more today,
ABC
Dec 19, 2012 4:00pm PST
the memorial for daniel, who dreamed of becoming a new york city firefighter like his uncle and cousin. >> our son had so much love to give to this world. and he was supposed to have a lifetime of bringing that light to the world. >>oqzñ after one somber funeral, mourners packed pews to remember a 6-year-old caroline. her parents say she was quote a blessing from god, brought joy to everyone she touched. throughout the area, four more farewells for charlotte bacon, chase, principal, and a 27-year-old victoria soto. the nation remembers soto as the teacher who lost her life trying to save her young students. her family remembering her for so much more. >> just her face. and the smile. happiness she had. >> when students returned to classes in a school, they will be greeted by donna page, returning to the position. in newtown, connecticut abc 7 news. >> and stay with abc 7 for coverage of the shooting tragedy in newtown, abc 7 news reporter laura anthony will bring us an update at 5:00. you can sign up for breaking news alerts. >> with the nation attention on guns in the wake of newtown
CNN
Dec 20, 2012 2:00am PST
gastroenterologist recommended probiotic. align. >>> good morning, new york. look at that great shot. come over after two strong days of gains, u.s. markets closed lower yesterday. stock futures are down this morning as fiscal cliff talks stall in washington. >> so here's the deal. you can see a delay in getting your tax refund next year unless congress moves on the fiscal cliff soon. this is going to hurt all of us. christine has details. >> we're already there. tax season starts in a couple weeks. you're going to start getting 1099s at the end of january and you have companies -- the government can't change in just one week or two weeks. if you're talking about having to make retro active tax changes, i mean it's really a mess. i want to talk about the amt in particular here. you know, the irs acting director warned congress about a real problem with not passing an amt patch. if the amt patch goes away, every year we patch this amt. amt was meant to make sure that rich people paid a minimum amount of tax now because of the way congress designed it in the infinite black wisdom. it gets middle
KRON
Dec 19, 2012 11:00pm PST
connecticut and from new york showed up for his funeral. >>> we are already seeing freezing and subfreezing temperatures around the bay area. it's freezing up in santa rosa, 41 degrees in fairfield, 39 in half moon bay, 33 in pleasanton. very cold conditions. you can see the clear skies over the bay area. some coverage is starting to filter into the north bay. that could keep temperatures from reaching the 20s in a couple locations. but very cold conditions overnight. 20s and 30s through much of the bay area. tomorrow, increasing clouds as that storm that you just saw approaches, and we'll have more rain in store for the weekend. >>> the statuses of richmond -- citizens of richmond weigh in on plans to repair the chevron oil refinery. [ female announcer ] here's to a whole world of happier holidays. time to enchant, delight and amaze. safeway will help you gather everyone round. a smoked, shank half ham is only 99 cents a pound. get breyer's ice cream for $2.88 and dessert will surely shine. make it a grand finale with starbucks just $6.99. turns out this season less is really s
FOX News
Dec 19, 2012 11:00pm PST
:00 in new york city. this is "the five." ♪ >> eric: on september 11, terrorists assassinated four in benghazi. five spent months discussing what happened that night. we went 15 days in a row to discuss the benghazi tragedy. the left wing media accused us and fox for overdoing the story. today, the state department released this report. first, something peculiar happened a couple days ago. there is a briefing. hillary clinton called for report and said this. >> i am responsible for the state department and 60,000 people around the world. decision about the security assets are made by security professionals. >> eric: that first part again? >> i'm responsible for the state department. >> okay. i'm responsible. but hillary clinton is no-show tomorrow. madam secretary bumped her head the other day and her doctor recommends she stay in bed. how about video link bedside? who is running the state right now? she can trun show but not testify. am i being too harsh here? >> bob: oh, no! why don't you get out of bed and come to congressional hearing? her doctor said she should stay in bed. wh
FOX News
Dec 20, 2012 3:00am PST
soon as possible. back to you in new york. >> we can understand why. >> brian: although the question is whether or not the students and parents feel comfortable sending them back. she was reportedly out of town, the push was to gently try to get him out and get into life. friends were saying you got to try to get him, try to get him forward whether it is to college or apartment or. >> steve: he didn't want to go. >> brian: he didn't want anything to do with it. >> gretchen: following that, should school districts arm their teacher. one district is doing that. how is it working? the superintendent is here next>> brian: avoiding the expensive baggage fees. >> steve: is that my bag? is that my bag . ♪ ♪ ee opportunity in today's challenging environment. unless you have the right perspective. bny mellon wealth management has the vision and experience to look beyond the obvious. we'll uncover opportunities, find hidden risk, and make success a reality. bny mellon wealth management i'm going to dream about that steak. i'm going to dream about that tiramisu. what a night, huh? but, um,
PBS
Dec 20, 2012 3:00pm PST
ackerman of new york said congress has become a partisan bickering bunch of grousing old people. >> trying to quibble around here on this particular issue of the narrative rather than how we work together to make things better to quibble over somebody said a particular word or didn't use the right word, rather than figure out how to avoid the mistakes that might have been to not lose american lives on into the future. >> reporter: amid the furor, ambassador rice has withdrawn herself for consideration as secretary of state. and four state department security officials resigned on wednesday. >> suarez: retailers are hoping to finish the holiday shopping season strong, particularly given some forecasts warning of a slowing economy in 2013. as we reported earlier, consumer spending helped spike better growth this fall. but in light of the last recession, some are asking whether less personal debt and perhaps some more austerity might be a better approach. "newshour" economics correspondent paul solman has been exploring that question. part of his ongoing reporting on "making sense"
MSNBC
Dec 20, 2012 1:00am PST
. in brooklyn, new york, this weekend, people went to trade guns for debit cards at two different locations. the program was run by the police and the brooklyn district attorney's office. more than 130 guns were turned in in exchange for up to $200 a gun. in evanston, illinois, north of chicago, there was a gun buyback program this weekend at a church organize bade community activist whose son was shot and killed in evanston last month. the police collected 26 handguns, 15 rifles, four shotguns. in baltimore, maryland, at the city college high school, officers collected firearms, more than 450 firearms in exchange for $100 gift cards from a legal grocery store. in a press release about the event, the grocery store said, quote, no gun dealers, please. on mother's day in los angeles, a gun buyback program there. look at this, took in 1600 weapons, including an assault rifle with a 50-round clip and a silencer. somebody even turned in a rocket launcher. that program is run by the city's gang reduction unit. detroit, michigan, has seen a bunch of these buybacks, including one last aug
CNN
Dec 20, 2012 1:00pm PST
and she didn't deserve this. no one deserved this. >> reporter: poppy harlow, cnn, new york. >> what a story. >>> people all over the nation are being asked to observe a moment of silence for the shooting victims tomorrow morning, once again, including on the internet. a silicon valley investor is asking websites across the country to go dark tomorrow morning at 9:30 a.m. eastern. that's exactly one week after that massacre at the elementary school. >>> other news we're following, including a powerful winter storm. it's blasting the midwest where the season's first blizzard is bringing life to a standstill and may be stranding thousands of early holiday travelers. >>> blinding snow, power outages and conditions getting worse. winter has arrived in the midwest. the blizzard is blamed for a 30-car pileup near ft. dodge, iowa. two people are dead. the storm is he cexpected to du another foot of snow in some areas before it is done. it looks like it's wet there. it's going to start snowing at tomorrow point, ted, and there will be a lot of flight cancellations at o'hare that could cause
ABC
Dec 20, 2012 11:00am PST
here today. from new york city, please welcome kristina white-chagani. hey, kristina. >> thank you. [cheers and applause] >> yeah, i understand, you don't celebrate christmas just on christmas. that's not enough. >> no, no, why would you waste christmas on just christmas when you could celebrate it all year-round? >> so do you keep a tree all year-round, an artificial tree?
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